Abu Dhabi state firm Adnoc announced on 31 July the completion of an unprecedented agreement to bring foreign partners into its refining subsidiary. Italy’s Eni has taken 20% and Austria’s OMV 15% in Adnoc Refining, which operates 922,000 b/d of refining capacity at Ruwais and near Abu Dhabi, as well as a new trading JV – Adnoc Global Trading.
Eni says the final cash price for its Adnoc Refining stake was $3.24bn, while OMV estimates its purchase value at $2.43bn. The deals value Adnoc Refining at $16.2bn and represent the first step in an ambitious expansion of Abu Dhabi’s downstream businesses that will bring additional expertise and greater transparency to Abu Dhabi’s refining sector (MEES, 1 February). (CONTINUED - 239 WORDS)