Article length: 156 words
UAE: Adnoc sells refining stake
Abu Dhabi National Oil Company (Adnoc) has sold a 35% stake in its refining business to Italian major Eni and Austria’s OMV. The three-way agreement was signed on 27 January in Abu Dhabi and is due to be finalised by Q3 2018. Eni and OMV will acquire 20% and 15% respectively of Adnoc Refining, with Adnoc owning the remaining 65%. The three partners will set up a trading joint venture with an identical share structure; this will focus on international sales of Adnoc Refining’s output.
Credit value: 1