Abu Dhabi National Oil Company (ADNOC) has closed its strategic partnership with Eni and OMV: the two European oil and gas companies will buy 20% and 15% stakes, respectively, in ADNOC Refining and in a new trading joint venture in Abu Dhabi (United Arab Emirates).
ADNOC Refining owns and operates more than 922,000 bbl/d of refining capacity in Abu Dhabi, including Ruwais, the 4th largest single-site refinery in the world that will be expanded. The new trading joint venture will start operations in 2020 when all necessary processes, procedures and systems are in place. It will be an international exporter of ADNOC Refining’s products, exporting around 70% of its production.
Eni's acquisition of the 20% stakes amounts to approximately US$3.24bn. The transaction will enable the company to enter the UAE downstream sector and to increase its global refining capacity by 35%. The acquisition will also raise OMV's refining capacity by 40%.