Abu Dhabi’s Adnoc is in advanced talks with more than one potential buyer for minority stakes in its refining business, according to a Reuters report citing two sources familiar with the matter. One said that Adnoc would favor companies with which it already has partnerships, including Austria’s OMV and Italy’s Eni. Both have interests in Abu Dhabi upstream concessions, while OMV partners Adnoc in the Borouge petchems joint venture.

Adnoc operates three refineries with a combined capacity of around 920,000 b/d - the two largest at Ruwais and an 85,000 b/d unit near Abu Dhabi city. But Ruwais is Adnoc’s downstream hub, with Borouge operating three polyolefins plants there with combined capacity of 4.3mn t/y. The company is planning a new 600,000 b/d refinery at Ruwais and also further petchems. Adnoc’s first overseas downstream equity will be 25% in a giant refining and petchems complex planned at Ratnagiri in India, which will process 1.2mn b/d of crude and produce 18mn t/y of chemicals. (CONTINUED - 211 WORDS)