Wednesday 3 February 2010
Austria's OMV in talks with UAE for gas projects
Austrian oil company OMV (OMVV.VI) is in preliminary talks with state run Abu Dhabi National Oil Company to undertake gas projects in the United Arab Emirates, an OMV executive said on Tuesday.
The UAE has the world's fifth-largest gas reserves but has been slow to develop them and gas supply has lagged demand from power plants and industry. The Gulf Arab state is looking at exploiting unconventional reserves as it aims to boost domestic supply, and OMV is among companies competing for future deals.
"We have a number of project ideas," OMV's Klaus Angerer, director of business development in the Middle East, told reporters on the sidelines of an energy conference.
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