Abu Dhabi’s state-owned oil and gas investment company, International Petroleum Investment Company ("IPIC") and the Austrian state holding company, Osterreichische Bundes- und Industriebeteiligungen GmbH ("OBIB") today agreed to extend their cooperation as the two core shareholders of the Austrian oil and gas company, OMV Aktiengesellschaft ("OMV").

The announcement comes after the conclusion of successful talks in Vienna, which were initiated by  Suhail Mohamed Al Mazrouei, Minister of Energy and Managing Director of IPIC, and the Austrian Minister of Finance, Hans Jorg Schelling.

The signing of the restated and amended shareholders’ agreement marks the continuation of a 22-year working relationship between the two state-owned enterprises, and will ensure a stable shareholding structure for one of Austria’s largest listed industrial companies.

The agreement follows international standards and regulates key decision-making procedures between the partners.

Suhail Mohamed Al Mazrouei, Minister of Energy and Managing Director of IPIC said, "Today’s agreement marks the strengthening of energy ties between the UAE and Austria. As our mutual shareholding in OMV represents decades of collaboration and success between the UAE and Austria, we look forward to what the future holds for both countries and our energy interests."

"IPIC is a long-term investor in the energy sector, and for more than three decades has built a diversified portfolio throughout the hydrocarbon value chain able to withstand the cyclical nature of the industry. The continuation of our agreement with our Austrian partners serves as the latest example of our strong portfolio and investment strategy around the world."

At the signing ceremony, the two ministers also emphasized their continuous support for OMV’s Executive Management Board in implementing the company’s new strategy and in managing the company in the current challenging environment.

The ceremony was also attended by OMV Supervisory Board Chairman Peter Loscher, OMV CEO Rainer Seele and ?BIB Secretary-General Martha Oberndorfer.

The agreement was thoroughly examined beforehand by the Austrian Takeover Commission, which approved the entry into the agreement in a statement issued on May 23, 2016.

Source :WAM