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Sat 1 Dec 2007 04:00 AM

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IPIC and OMV enter into upstream agreement

Austrian oil and gas company OMV has signed an agreement with its second-largest shareholder, Abu Dhabi's International Petroleum Investment Company (IPIC), to jointly establish upstream products in the Middle East, North Africa and the Caspian region.

Austrian oil and gas company OMV has signed an agreement with its second-largest shareholder, Abu Dhabi's International Petroleum Investment Company (IPIC), to jointly establish upstream products in the Middle East, North Africa and the Caspian region.

"We have discussed ideas to form a joint venture company, which will explore exploration and production business across the three key regions where OMV already has a strong presence," said Khadam Al Qubaisi, managing director of IPIC in a statement.

"With this agreement IPIC will, in addition to downstream and petrochemicals, expand its investment activities to exploration and production with a world class partner," he added.

In May this year, OMV opened an office in Abu Dhabi to improve the coordination of existing activities in the region. IPIC own 17.6% of OMV's shares. Holding a balanced international portfolio in 19 countries, OMV's daily production volume is approximately 322 000 bpd.

"IPIC and OMV believe that this is a natural step in the development of their deepening partnership and cooperation. Both companies are in a position to complement each other, IPIC with its regional relationships and OMV with its technical and geological know how," said Al Qubaisi.

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