Abu Dhabi's Adnoc Inks $5.8 Billion in Refining Deals With Eni and OMV
January 27 2019 - 7:56AM
Dow Jones News
By Summer Said
DUBAI -- State-owned Abu Dhabi National Oil Co., or Adnoc, said
Sunday it has signed agreements worth $5.8 billion with two
European energy companies for a share in its refining unit and to
create a new trading operation.
Italian energy company ENI SpA has acquired a 20% stake and
Austria's OMV bought a 15% share in Adnoc Refining, with Adnoc
owning the remaining 65%, the companies said in statements.
Adnoc Refining, which has a total refining capacity of 922,000
barrels a day operates the fourth largest single site refinery in
the world, is valued at $19.3 billion. OMV said it would pay around
$2.5 billion, while Eni said it would pay around $3.3 billion.
The partners will own the same proportions of the joint trading
venture, the companies said.
Adnoc said the new trading venture will provide expanded market
access for refining products with export volumes equivalent to
about 70% of throughput.
Both ENI and OMV previously have signed deals with Adnoc for
stakes in Abu Dhabi's oil fields.
Write to Summer Said at summer.said@wsj.com
(END) Dow Jones Newswires
January 27, 2019 07:41 ET (12:41 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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