UAE, Austria sign oil field concession deal

ABU DHABI, UAE and Austria on Sunday concluded an offshore oil field concession agreement, whereby OMV AG, an international integrated oil company based in Vienna, will acquire a 20 percent interest in the concession for Satah Al Razboot (SARB) and Umm Lulu oil fields.

Under the agreement valued at AED 5.5 billion (USD 1.5 billion), Abu Dhabi National Oil Company (ADNOC) retains a majority 60 percent stake in the concession, Emirate News Agency (WAM) reported.

The signing ceremony was attended by Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and Chancellor of Austria Sebastian Kurz, it added.

The agreement, which has a term of 40 years and an effective date of 9th March 2018, was signed by Dr. Sultan bin Ahmad Sultan Al Jaber, Minister of State and ADNOC Group CEO, and Rainer Seele, CEO of OMV.

“The agreement between OMV and ADNOC represents a great success for both companies,” Sebastian Kurz was quoted by WAM as saying.

This partnership contributes to the promotion and strengthening of bilateral ties between the UAE and Austria, he added.

On his part, Sheikh Mohamed bin Zayed hailed relations between UAE and Austria as “distinguished” and based on a long history of cooperation, understanding and mutual interests.

He hailed the significant role of the joint committee in the broadening of the scope of cooperation and partnership in political, economic, trade and technological realms.

Source: Kuwait News Agency