Adnoc Concession Agreement

To celebrate the friendly relations between the two countries, the exchange of the signed concession and framework agreements was witnessed by His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Commander-in-Chief of the Armed Forces of the United Arab Emirates, and His Excellency Vladimir Putin, President of the Russian Federation, on the occasion of the President`s state visit to the United Arab Emirates. In November 2017, ADNOC and Cepsa signed a framework agreement to evaluate a new linear alkyl benzene complex in Ruwais, Abu Dhabi. LAB is the most common raw material in the production of detergents for households and biodegradable industrial detergents. It is also used in home cleaners, softeners and soap bars. Dr. Rainer Seele, Chairman of OMV and CEO: « We are pleased to have a stake in Abu Dhabi`s largest gas and condensation fields and strengthen our partnership with ADNOC. We are confident that our technological know-how will contribute to value creation and profitable growth for all relevant partners. Today`s signing represents a long-term commitment and another important step in the successful implementation of our 2025 strategy. With this agreement, we are developing our already material position in the Middle East and continue to move our upstream production towards gas. The concession area consists of two main areas that are under development around Lulu, which is part of the former ADMA offshore concession, and SARB as well as two smaller fields, Bin Nasher and Al Bateel. The ADMA concession has been divided into three new concessions to maximize commercial value, expand the ADNOC base, expand technical know-how and improve market access. PetroChina paid a participation fee of 2.1 billion dirhams ($575 million) for the Umm Shaif and Nasr dealership and a 2.2 billion dirham ($600 million) fee for the Zakum concession, ADNOC said in a statement.

The granting of the concession to LUKOIL is the first time that a Russian company has joined a ADNOC concession and relies on strong and strategic bilateral relations between the United Arab Emirates and Russia. It also reaffirms the international community`s confidence in the reliable and reliable trading environment of the United Arab Emirates. The 40-year agreement, which will come into force on March 9, 2018, was signed by His Excellency Dr. Sultan Al Jaber, Chief Executive Officer of the ADNOC Group, and Dr. Rainer Seele, Chief Executive Officer of OMV. Miro said: « This concession agreement is an important moment for Cepsa and our close relationship with ADNOC, with whom we are working on a number of projects in the upstream, downstream and petrochemical sectors.