Minister says Austria will deepen its cooperation with Abu Dhabi
Austrian Economy Minister Wolfgang Hattmannsdorfer announced that the country plans to expand economic cooperation with Abu Dhabi following the creation of Borouge Group International (BGI), a chemicals company.
In an interview with?Hattmannsdorfer on Friday night, he said that he expects BGI, the?tie up between units of 'Abu Dhabi National Oil Company' and Austrian energy company OMV which is owned by Austria and Abu Dhabi to open new business opportunities. BGI is expected to close in the third quarter. He said that this could include trade, supply chain, or even collaborations with other companies in the region's "sphere of influence".
Hattmannsdorfer wanted Austrian companies in other industries to establish?stronger links with Abu Dhabi.
He spoke at the conclusion of a trip to Zurich, where he met with counterparts from Germany and Switzerland.
Hattmannsdorfer stated that the shock of Donald Trump's tariffs on trade was a signal to Europe to boost its competitiveness and diversify their?trade partners.
Austria had to overhaul its energy supplies after relying on Russian gas for many years. Direct imports from Russia were stopped at the end 2024.
The minister stated that competition in the power market has helped to reduce energy costs, and the inflation rate in Austria from nearly 4 percent at the end 2025 down to?2% by January.
Hattmannsdorfer stated that Austria will become more independent in terms of energy production and storage through increased renewable energy. He also stressed the importance of not becoming too dependent on U.S. Liquefied Natural Gas.
His ministry stated that more than half of Europe's LNG imports currently come from the United States.
Austria could increase its gas imports, including from Norway and the United Arab Emirates. However, a significant portion of future supplies should come from Neptun Deep - OMV's Black Sea Project with Romania's Romgaz.
Several Austrians are calling for a return to?imports of Russian gas. This is especially true?within the eurosceptic, hard-right Freedom Party which leads opinion polls.
Hattmannsdorfer stated that Austria stands unconditionally behind Ukraine, and there is nothing more to say until a peaceful agreement on Kyiv’s terms takes shape. (Reporting and editing by Dave Graham)
(source: Reuters)
