OMV and ADNOC Discuss Terms of Chemicals Partnership Agreement

Informed sources mentioned that the Abu Dhabi National Oil Company (ADNOC) and the Austrian company OMV are about to resume discussions to agree on the final terms of a partnership aimed at creating a chemicals group with annual sales exceeding $20 billion. Three sources stated that "there are pending terms that have not yet been agreed upon," and two of the three sources indicated that "the two companies plan to resume talks soon, possibly this week." A fourth source mentioned that options could include a dual listing in Vienna and the UAE.