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UAE Energy Minister lauds OMV’s new Middle East initiative

Abu Dhabi’s energy community led by His Excellency Mohamed Bin Dha’en Al Hamili, UAE Minister of Energy welcomed the latest entrant to the UAE capital - OMV Aktiengesellschaft, Central Europe’s leading oil and gas group at a high profile gathering at Emirates Palace hotel attended by the who’s who of Abu Dhabi’s energy industry.

Al Hamili also extended a welcome to Gerhard Roiss, OMV’s Deputy Chairman on behalf of His Highness Sheikh Mansour bin Zayed Al Nahyan, Chairman of Abu Dhabi’s International Petroleum Investment Company (IPIC) and UAE Minister of Presidential Affairs. OMV’s new Abu Dhabi office will help the company further strengthen its relationship with the United Arab Emirates in collaboration with IPIC, a 17.6% shareholder of OMV and a key ally since 1994.

„OMV’s arrival highlights Abu Dhabi’s capabilities in attracting world-class partners and pursuing increased prosperity for the country and its peoples, „ said Al Hamili. „IPIC’s investment in OMV has met with spectacular success and the Abu Dhabi office will enable us to cement that relationship.” OMV’s entry into the UAE market is expected to positively affect Abu Dhabi’s upstream and downstream sectors.

Alongside IPIC, OMV is a major shareholder in Borealis, ADNOC’s joint-venture partner in Borouge - a company which produces enhanced downstream plastic products from a state-of-the-art facility based in Ruwais - with further expansion in the form of Borouge 2 expected by 2010.