The BP rumor mill keeps spinning, with Bloomberg reporting this week that Abu Dhabi state energy giant Adnoc is interested in snapping up segments of the beleaguered UK firm. Reports of potential wholesale acquisitions for the firm have been frequent, but the list of viable suitors is thin and few compelling arguments have been made; suggestions that the firm could be carved up shouldn’t be ignored.
It has been suggested that Adnoc’s international subsidiary XRG is especially interested in BP’s gas and LNG assets, as well as its fuel retail business. No surprise there. XRG is aggressively expanding into international gas (MEES, 6 June), while Adnoc Distribution – Adnoc’s fuel retail arm – is frequently linked to M&A transactions. (CONTINUED - 304 WORDS)
