OMV Closes Refining Partnership Deal With Adnoc and Eni
July 31 2019 - 4:35AM
Dow Jones News
By Nathan Allen
Austria's OMV AG (OMV.VI) said Wednesday that it has closed a
deal with Abu Dhabi National Oil Co. and Eni SpA (ENI.MI) to set up
a new trading operation and take a stake in Adnoc's refining
business.
Under the terms of the deal, which was first disclosed in
January, OMV has paid $2.43 billion for a 15% stake in Adnoc's
refining business, while Eni has paid $3.24 billion for a 20%
stake.
The three companies will set up a trading joint venture to
export Adnoc's refined products, which is set to begin operations
in 2020, OMV said.
The deal boosts OMV's refining capacity by 40%, and its capacity
to produce olefins--a type of petrochemical--by 10%.
Write to Nathan Allen at nathan.allen@dowjones.com
(END) Dow Jones Newswires
July 31, 2019 04:20 ET (08:20 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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