Trend Micro highlights challenges to the region’s organisations
business12 hours ago
International Petroleum Investment Company, or Ipic, and the Austrian state holding company Osterreichische Bundes-und Industriebeteiligungen GmbH (ÖBIB) have agreed to extend their cooperation as the two core shareholders of the Austrian oil and gas company, OMV Aktiengesellschaft (OMV).
The announcement comes after the conclusion of successful talks in Vienna, which were initiated by Suhail bin Mohammed Faraj Al Mazroui, UAE Minister of Energy and Managing Director of Ipic, and the Austrian Minister of Finance, Hans Jorg Schelling.
The signing of the restated and amended shareholders' agreement marks the continuation of a 22-year working relationship between the two state-owned enterprises, and will ensure a stable shareholding structure for one of Austria's largest listed industrial companies.
The agreement follows international standards and regulates key decision-making procedures between the partners.
"Today's agreement marks the strengthening of energy ties between the UAE and Austria. As our mutual shareholding in OMV represents decades of collaboration and success between the UAE and Austria, we look forward to what the future holds for both countries and our energy interests," Al Mazroui said.
"Ipic is a long-term investor in the energy sector, and for more than three decades has built a diversified portfolio throughout the hydrocarbon value chain able to withstand the cyclical nature of the industry. The continuation of our agreement with our Austrian partners serves as the latest example of our strong portfolio and investment strategy around the world," he added.
At the signing ceremony, the two ministers also emphasized their continuous support for OMV's executive management board in implementing the company's new strategy and in managing the company in the current challenging environment.
The ceremony was also attended by OMV supervisory board chairman Peter Loscher, OMV CEO Rainer Seele and OBIB secretary-general Martha Oberndorfer.
The agreement was thoroughly examined beforehand by the Austrian Takeover Commission, which approved the entry into the agreement in a statement issued on May 23, 2016.
- business@khaleejtimes.com
Trend Micro highlights challenges to the region’s organisations
business12 hours ago
The fastest lap point can be crucial when the championship is on a knife-edge but it has also become a part of strategy, sometimes controversially when used by teams with common ownership
sports12 hours ago
Milestone reflects the high demand for the project’s luxury residences
business12 hours ago
Sri Lanka chased down their 163-run target with 12 balls to spare
sports12 hours ago
Awards recognise companies to showcase transformative contributions to the telecom industry
business12 hours ago
Set 135 to win, South Africa reached their target with 16 balls to spare
sports12 hours ago
The third of four supermoons in 2024, the 'best thing' about the supermoon is that it can be viewed from anywhere
space12 hours ago
Sinwar emerged as the leader of the Palestinian group after helping ignite a full-blown war that has engulfed the region
mena12 hours ago