Abu Dhabi – Mubasher: A UAE presidential decree was issued to establish an investment arm for Abu Dhabi National Oil Co (ADNOC), according to local media.
The new company ADNOC International Limited will be capitalised at $1 billion. It will invest in oil and gas firms abroad.
It will be independent from the mother company but fully owned by ADNOC and will be based in the UAE's capital Abu Dhabi.
