Abu Dhabi, United Arab Emirates: The Abu Dhabi Waste Management Company (Tadweer), and OMV, a leading international, integrated oil and gas company, have signed a Memorandum of Understanding (MoU) to explore joint opportunities in the areas of sustainable feedstocks for fuels and chemicals production.

The MoU aims to establish a partnership between the two parties to leverage both companies' expertise and resources to identify and develop sustainable and innovative solutions that support the conversion of waste to an asset.

"Tadweer is committed to finding new and innovative ways to turn waste into valuable resources, and we are pleased to partner with OMV in this endeavor," said Ali Al Dhaheri, CEO of Tadweer. "By combining our strengths and expertise, we believe that we can make a significant impact in the sustainability space and contribute to the development of a circular economy in the UAE."

The MoU represents a significant step in the companies' efforts to advance sustainability and address global environmental challenges. The parties will work together to evaluate the potential for new projects and initiatives that support the development of sustainable feedstocks, including the use of waste as a feedstock for the production of sustainable fuels and chemicals.

This collaboration will help to promote the development of a circular economy in the UAE, where waste is seen as a valuable resource rather than a challenge. The MoU reflects the commitment of both companies to advancing sustainability, reducing waste, and contributing to a more sustainable future.

-Ends-

About Tadweer

Abu Dhabi Waste Management Company (Tadweer), part of ADQ, is the sole custodian of waste management for the Emirate of Abu Dhabi and is committed to developing an integrated waste management sector and becoming a leader in extracting value from waste to contribute to national sustainability ambitions.

About OMV Aktiengesellschaft

With Group sales revenues of EUR 62 bn and a workforce of around 22,300 employees in 2022, OMV is amongst Austria’s largest listed industrial companies.

In Chemicals & Materials, OMV through its subsidiary Borealis, is one of the world’s leading providers of advanced and circular polyolefin solutions and a European market leader in base chemicals, fertilizers, and plastics recycling. Together with its two major joint ventures – Borouge (with ADNOC, in the UAE and Singapore) and Baystar™ (with TotalEnergies, in the USA) – Borealis supplies products and services to customers across the globe. OMV’s Fuels & Feedstock business produces and markets fuels as well as feedstock for the chemical industry, operates three refineries in Europe, and holds a 15% stake in a refining joint venture in the UAE. OMV operates around 1,800 filling stations in ten European countries. In the Energy segment, OMV explores and produces oil and gas in the four core regions of Central and Eastern Europe, Middle East and Africa, North Sea, and Asia-Pacific. Average daily production in 2022 amounted to 392 kboe/d. Its activities also include the Low Carbon Business as well as the entire gas business.

OMV intends to transition from an integrated oil, gas, and chemicals company to become a leading provider of innovative and sustainable fuels, chemicals, and materials, while taking a leading global role in the circular economy. By switching over to a low-carbon business, OMV is striving to achieve net zero in all three Scopes by 2050 at the latest.

OMV shares are traded on the Vienna Stock Exchange (OMV) and as American Depository Receipts (OMVKY) in the U.S.