Mohammed bin Zayed and the Austrian Chancellor witness the signing of a concession agreement between ADNOC and OMV,

MEDIA IN, Abu Dhabi, April 29, 2018 (WAM)
HH Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and Austrian Ambassador to the Republic of Austria, Sebastian Kors, today witnessed the signing ceremony of a concession agreement in the maritime fields under which Austrian oil and gas company OMV To Mubadala Investments – for a 20 per cent stake in the Serb and Umm Lulu marine concession.
The agreement was signed by Dr. Sultan bin Ahmed Al Jaber, Minister of State and Chief Executive Officer of Abu Dhabi National Oil Company (ADNOC) and its Group of Companies and Dr. Rainer Sealy, CEO of OMV.
Under the terms of the concession agreement, OMV provided a 5.5 billion dirham (US $ 1.5 billion) share price / including ADNOC’s previous investments in the Serb field. ADNOC holds a majority stake of 60% Will be managed by ADNOC Maritime, one of the ADNOC Group Companies on behalf of the concession partners. The agreement is valid for 40 years and will be effective from March 9, 2018.
HH Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, affirmed the importance of the agreement between ADNOC and OMV, which will complement all maritime fields in Abu Dhabi. Which strengthens the UAE’s partnerships and ensures an important share of its hydrocarbon resources in international markets for years to come and reaffirms the UAE’s solid standing in this vital sector