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. S.E. Dr. Al Jaber said: “This long-term strategic agreement with OMV, along with the seven other offshore concession agreements we have recently concluded, underscores ADNOC`s commitment to maximizing the value of Abu Dhabi`s considerable resources for the good of the nation, in accordance with leadership guidelines.” 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. ADNOC holds a 60% majority of the two concessions. As part of the concession award, LUKOIL will invest an initial amount of AED 697.3 million (US$190 million) as a signing fee for the concession. ADNOC owns the majority of the dealership which, as a dealer, has the Italian Eni, the German Wintershall Dea and the Austrian omv. 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. 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. OMV is already working with ADNOC on a number of other projects throughout the company`s value chain, including the Assessment of the Shuweihat Gas Field. In May 2017, ADNOC and OMV also agreed to jointly explore opportunities to support ADNOC`s downstream business and the company`s 2030 Smart Growth Strategy. The agreement provides for cooperation in a number of areas, including the assessment of opportunities in downstream projects, the exchange of knowledge and experience in refineries and the integration and optimization of refining petrochemicals, as well as technical and maintenance assistance downstream. 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.