Austrian oil company OMV has entered into a heads of agreement with Malaysian oil and gas firm Sapura Energy to form a strategic partnership, OMV announced Wednesday.
The parties have agreed to continue negotiations on an exclusive basis, for OMV to acquire a 50 percent interest in Sapura Energy’s wholly-owned subsidiary, Sapura Upstream.
Sapura Upstream is a major independent oil and gas company based in Malaysia. The potential cooperation would allow OMV to enter into a partnership with a highly esteemed regional company, according to OMV.
“The intended partnership with Sapura is a major step to develop OMV’s activities in South East Asia,' Rainer Seele, CEO and company chairman, was quoted as saying.
'The oil and gas demand in this region is expected to increase strongly until 2030 and OMV is taking the opportunity to further expand the business and build up the new core region,” he said.
By Ebru Sengul
Anadolu Agency
energy@aa.com.tr