ABU DHABI: The Abu Dhabi National Oil Company (Adnoc) on Saturday signed two Memorandum of Understanding (MoU) with OMV
and one MoU with Borealis to explore new opportunities for collaboration in the downstream sector.
The notes are rated in line with OMV
's Issuer Default Rating (IDR) of 'A-', as they are general unsecured and unsubordinated obligations of the company, ranking pari passu with all present and future unsecured and unsubordinated obligations of the issuer.
The divestment of OMV
's Pakistan business comes a year after it sold its Turkish subsidiary, Petrol Ofisi, to Swiss oil trading giant, Vitol for pound 1.36 billion, according to a report by AFP - the Austrian oil and gas giant had put its subsidiary up for sale in 2016 in the wake of plunging crude oil prices that depressed the global oil sector.
Commenting on the occasion, Saad Sherida Al-Kaabi, President and CEO of Qatar Petroleum, and Chairman of the Qatargas Board of Directors, said: "We are very pleased to announce this new deal with OMV
- an international, integrated oil and gas company operating from the heart of Europe.
will soon start development activities in Band Karkheh oilfield," Alireza Zamani said on Tuesday.
I hope that the company would make efforts for exploration of more gas in Pakistan, he said speaking as the chief guest, to celebrate the completion of OMV
's 25 years of business success in Pakistan.
In late March 2006, OMV
made an oil and gas find in its 1,992 sq km Jenein-Sud block in the Ghadames Basin, 700 km south of Tunis.
The agreement follows OMV
's successful cooperation with Adnoc in OMV
's on-going exploration operations in East Abu Dhabi which started in 2013, as well as OMV
's active engagement in Wintershall operated appraisal activities for the Shuwaihat sour gas field which started in 2012.
Adnoc and OMV
signed a joint collaboration and secondment agreement to establish a framework for mutual assistance in certain areas.
Wolf told a news conference that OIAG had no knowledge of Gazprom wanting to buy into OMV
The groups are discussing mainly the conditions on which OMV
would take over the remaining shares in Econgas.