Abu Dhabi National Oil Company signed three preliminary agreements with Austria’s OMV and Borealis to expand their petrochemical collaboration as the state-owned company forges ahead with plans to develop its downstream sector.
Under the first agreement, Adnoc and OMV will “evaluate new opportunities in petrochemical projects as a potential extension to their existing partnerships,” Adnoc said in a statement on Saturday. Under the second agreement, Adnoc and OMV will “explore the potential of OMV’s ReOil technology in Ruwais,” the industrial hub of the national oil company. Under the third agreement, Adnoc and Borealis will “jointly explore potential growth opportunities within the integrated polyolefin industry in key geographical markets.”
Adnoc, OMV and Borealis are expanding their partnership as the national oil company seeks to spend $45 billion to develop downstream projects with partners in Ruwais. Under Adnoc’s 2030 strategy, the company plans to triple production of petrochemicals to 14.4. million tons per annum by 2025.
"The agreements with OMV build on, and further strengthen, our long-term partnership across the full oil and gas value chain,” said Dr Sultan Al Jaber, Minister of State and Adnoc group chief executive.
"In line with our downstream expansion strategy, Adnoc is pursuing investments that will maximise value from our existing resources and secure more effective market access for our expanding portfolio of products.”
Adnoc and Borealis are partners in Borouge, the petrochemical company with an annual production capacity of 4.5 million tonnes. OMV, which is parly owned by Abu Dhabi’s Mubadala Investment Company, has recently snapped up a number of stakes in Adnoc projects and units.
OMV bought a 15 per cent stake in Adnoc Refining, giving the unit an enterprise value of $19.3bn. OMV also won last year a 5 per cent stake in Ghasha ultra-sour gas project under a 40-year concession and 20 per cent stakes in Sarb and Umm Lulu oil fields.
“The proposed agreement with Borealis, an existing strategic partner, will potentially create growth opportunities for our mutual benefit, and ensure we are well positioned to meet the growing demand for a variety of high-value refined and petrochemical products,” said Dr Al Jaber.
Neymar's bio
Total club appearances 411
Total goals scored 241
Appearances for Barca 186
Goals scored for Barca 105
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Day 2, Abu Dhabi Test: At a glance
Moment of the day Dinesh Chandimal has inherited a challenging job, after being made Sri Lanka’s Test captain. He responded in perfect fashion, with an easy-natured century against Pakistan. He brought up three figures with a majestic cover drive, which he just stood and admired.
Stat of the day – 33 It took 33 balls for Dilruwan Perera to get off the mark. His time on zero was eventful enough. The Sri Lankan No 7 was given out LBW twice, but managed to have both decisions overturned on review. The TV replays showed both times that he had inside edged the ball onto his pad.
The verdict In the two previous times these two sides have met in Abu Dhabi, the Tests have been drawn. The docile nature of proceedings so far makes that the likely outcome again this time, but both sides will be harbouring thoughts that they can force their way into a winning position.
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
Cultural fiesta
What: The Al Burda Festival
When: November 14 (from 10am)
Where: Warehouse421, Abu Dhabi
The Al Burda Festival is a celebration of Islamic art and culture, featuring talks, performances and exhibitions. Organised by the Ministry of Culture and Knowledge Development, this one-day event opens with a session on the future of Islamic art. With this in mind, it is followed by a number of workshops and “masterclass” sessions in everything from calligraphy and typography to geometry and the origins of Islamic design. There will also be discussions on subjects including ‘Who is the Audience for Islamic Art?’ and ‘New Markets for Islamic Design.’ A live performance from Kuwaiti guitarist Yousif Yaseen should be one of the highlights of the day.
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BMW M5 specs
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F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
