Italian energy group Eni and Austrian oil and gas company OMV have agreed to purchase stakes in the Abu Dhabi National Oil Company’s (ADNOC) refining business in the United Arab Emirates. Under the US$5.8bn deal, Eni will acquire a 20% stake (US$3.3bn) in ADNOC Refining and OMV a 15% stake (US$2.5bn), while ADNOC will retain a 65% stake. The transaction gives ADNOC Refining an enterprise value of US$19.3bn. The company has a refining capacity of more than 920,000 bbl/day, including the 844,000 bbl/d Ruwais Refinery.
In addition, Eni, OMV and ADNOC agreed to create a Trading Joint Venture with the same shareholder structure, which will market export volumes and optimize the non-Abu Dhabi feedstock supply of ADNOC Refining. It will expand ADNOC’s access to European markets, offer OMV downstream oil activities outside Europe and strengthen Eni’s diversification away from Africa.
There are currently five refineries in the UAE (over 1.2 m/d). The largest refineries are located in Abu Dhabi: Ruwais (844 kb/d) and Jebel Ali (140 kb/d). The three others are Fujairah (82 kb/d), Hamriyah (71 kb/d) and ADNOC's Umm Al Nar (85 kb/d).
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