31 Jul 2019
Abu Dhabi National Oil Company (Adnoc) has today announced a concluded equity partnership with Italian oil and gas company Eni and the Austrian OMV.
As Arabian Business reports, the deal was first announced in January 2019, and as Adnoc said in a statement, consists of one of the biggest refinery transactions worldwide.
Eni and OMV together agreed to pay an approximate $5.8 billion for a combined 35% stake in Adnoc Refining’s unit, valued at $19.3 billion.
The agreement states that Eni acquired 20% shares in Adnoc Refining, and OMV obtained 15%. Adnoc refines 922,000 barrels per day of crude and condensates at its refineries in Abu Dhabi and Ruwais, being the fourth largest single-sit refinery worldwide.
Furthermore, Adnoc, Eni and OMV have also introduced a trading joint ventue named Adnoc Global Training, at the Abu Dhabi Global market. This will concentrate on the direct sales of products from the refinery to customers, especially in Asia and emerging markets.
The statement also noted that physical and derivative trading should begin in 2020, as soon as all the required processes, procedures, and systems have been established.