Abu Dhabi – Mubasher: Abu Dhabi National Oil Company (Adnoc) revealed that it has inked a partnership with Italy’s Eni and Austrian oil and gas producer OMV.
Under the deal, the Italian oil and gas giant and OMV will pay about $5.8 billion for a 35% stake in ADNOC’s refining unit, the UAE's state-run firm said in a statement on Sunday.
The companies also agreed to collaborate in a trading unit that will sell the refined products to international buyers.
The Austrian firm will own 15% of Adnoc’s refining unit and trading business, while Eni will hold the remaining 20% stake.
Sultan Ahmed Al Jaber, CEO of ADNOC, said that the state-run company plans to retain its remaining share of the refining business for now but could be “open to engage in another competitive bidding process to sell another 5% to 10%.”
“In Adnoc, we found the best unique opportunity to grow our downstream capacity, creating flexibility, more efficiency, a lot of synergy because we won a lot of new licenses in producing, developing and exploration assets in Abu Dhabi,” Claudio Descalzi, CEO of Eni, told Bloomberg TV.
Commenting on the deal, Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE's Armed Forces, said, “We commend the strategic partnerships between ADNOC, Eni and OMV in refining and trading. The UAE provides solid and reliable foundations as an international investment destination for global partners.”
