Abu Dhabi’s ADNOC seals $5.8bn refining and trading deal with Eni and OMV
Agreement sees Italian firm take 20% stake while Austria’s OMV to secure 15% in Abu Dhabi National Oil Company’s refinery
Abu Dhabi — Italy’s Eni and Austria’s OMV have agreed to pay a combined $5.8bn to take a stake in Abu Dhabi National Oil Company’s (ADNOC’s) refining business and establish a new trading operation owned by the three partners. The transaction, which expands ADNOC’s access to European markets, furthers Eni’s diversification away from Africa and gives OMV a downstream oil business outside Europe. It was hailed as a “one of a kind” deal by ADNOC CEO Sultan al-Jaber. “The whole oil and gas industry hasn’t seen a transaction of this size and sophistication,” he said. Under the agreement, Eni and OMV will acquire a 20% and a 15% share in ADNOC Refining respectively, with ADNOC owning the remaining 65%, the three companies said on Sunday. The partners will own the same proportions of the joint trading venture, they said. OMV said it would pay about $2.5bn, while Eni said it would pay about $3.3bn, giving ADNOC Refining, which has a total refining capacity of 922,000 barrels per day, an ente...
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