Both companies agreed to share their expertise and knowledge relevant to assessing future projects. International Petroleum Investment Company (IPIC) and OMV believe this as a natural step in the development of their deepening partnership and co-operation. Both companies are in a position to complement each other – IPIC with its regional relationships and OMV with its technical and geological know how.
Helmut Langanger, executive board member for exploration and production of OMV, said: This memorandum of understanding is another important step for strengthening the excellent co-operation with one of our major shareholders and helps us in our plans to further grow in our Middle Eastern, North African and Caspian E&P core regions.
Khadem Qubaisi, managing director of IPIC, said: With this agreement IPIC will, in addition to downstream and petrochemicals expand its investment activities to exploration and production with a world class partner. In the future IPIC will also increase co-operation with other UAE-based companies and help them add value to their enterprises.
