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OMV and IPIC team up



By Upstream staff 

Austrian producer OMV and Abu Dhabi's International Petroleum Investment Company (IPIC) have sealed a memorandum of understanding which will see them join forces in a number of exploration plays.

OMV and state-owned IPIC - which has been a shareholder of OMV since 1994 and now owns a 17.6 percent stake - will pursue upstream projects in the Middle East, North Africa and the Caspian region, OMV said.

The Austrian group, which sees those regions as its core areas for expansion of its upstream assets, said the co-operation with IPIC would give it access to a strong partner to complement its own expertise with local contacts.

"Both companies are in a position to complement each other, IPIC with its regional relationships and OMV with its technical and geological know how," OMV said in the statement.


Monday, 05 November, 2007, 11:16 GMT  | last updated: Monday, 05 November, 2007, 11:16 GMT

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