July 23, 2020 / 12:57 PM / 22 days ago

Austrian state investor, Mubadala extend cooperation in OMV

FILE PHOTO: The logo of Austrian oil and gas group OMV is pictured at the rooftop of its headquarters in Vienna, Austria May 12, 2020. Picture taken May 12, 2020. REUTERS/Leonhard Foeger

VIENNA (Reuters) - Austrian state-run OeBAG and Abu Dhabi’s Mubadala agreed to expand collaboration as key shareholders in oil and gas group OMV OMVV.V until 2030, OeBAG said on Thursday, extending a deal that would have expired in a year and half.

The two long-time anchor shareholders are backing the Austrian company at a time when low energy prices and a global economic crisis are challenging the industry.

Representatives of OeBAG, which has a 31.5% stake, and Mubadala, with 24.9%, plan to meet twice a year to coordinate on strategy, including discussing the make up of the management and supervisory boards, a person familiar with OeBAG’s position said.

Their existing agreement would have allowed either of the two parties to exit the deal in about 18 months, the person said.

The United Arab Emirates has been an investor in OMV since 1994. “OMV remains a strong and important part of our portfolio,” said Musabbeh Al Kaabi, Mubadala’s chief executive for petroleum and petrochemicals.

Reporting by Kirsti Knolle

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