BP Confirms Nonbinding Offer to Take NewMed Energy Private With ADNOC
March 28 2023 - 04:16AM
Dow Jones News
By Kyle Morris
BP PLC said Tuesday that it and Abu Dhabi National Oil Co. have
made a nonbinding offer to take NewMed Energy LP private.
The oil company said the deal will be completed through the
acquisition of the free float and a partial acquisition of Delek's
stake. Following the transaction, BP and ADNOC would each hold 50%
of NewMed Energy.
BP and ADNOC plan to form a new joint venture to focus on gas
development in international areas of mutual interest, such as the
East Mediterranean, and the proposed transaction with NewMed Energy
will be a first step in this process.
The companies also said they intend to explore a range of
options for the potential further expansion of their
partnership.
Shares in BP at 0742 GMT were up 9.70 pence, or 2.0%, at 506.10
pence.
Write to Kyle Morris at kyle.morris@dowjones.com
(END) Dow Jones Newswires
March 28, 2023 04:01 ET (08:01 GMT)
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