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UAE Freezones Biz News Updates
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UAE's Adnoc secures largest-ever deal in refinery business with ENI, OMV
The signing of
the agreements was witnessed by Shaikh Mohammad Bin Zayed, Giuseppe Conte and
Hartwig Loger.
UAE company bags partnership with Italy’s Eni and Austria’s OMV
in refining and trading
Abu Dhabi National Oil Company (Adnoc) on Sunday announced partnership
agreements with Italy’s Eni and Austria’s OMV in refining and trading,
supporting the company’s ambition of becoming a major downstream player.
“We commend the strategic partnerships between Adnoc, and OMV in refining
and trading. The UAE provides solid and reliable foundations as an
international investment destination for global partners,” His Highness
Shaikh Mohammad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy
Supreme Commander of the UAE Armed Forces said on his twitter account.
Bloomberg reported that Eni and OMV agreed to pay about $5.8 billion for a
35 per cent stake in the Abu Dhabi state oil company's refining unit.
The transaction, which will bring proceeds of $5.8 billlion to Adnoc, is one
of the largest ever in the refinery business, and was hailed as a “one of a
kind” by Adnoc’s chief executive Sultan al-Jaber.
“The whole oil and gas industry hasn’t seen a transaction of this size and
sophistication,” he said.
The deal values Adnoc Refining at $19.3 billion. The companies also agreed
to partner in a trading unit that will sell the refined products to
international buyers.
Under the agreement, Eni and OMV will acquire a 20 per cent and a 15 per
cent share in Adnoc Refining respectively, with Adnoc owning the remaining
65 per cent.
The partners will also establish a joint trading venture in which Eni and
OMV will again own 20 per cent and 15 per cent, respectively, a statement
from Adnoc on Sunday said.
The agreement gives Adnoc Refining, which has a total refining capacity of
922,000 barrels per day, an enterprise value of $19.3 billion.
OMV said separately that it would pay around $2.5 billion, while Eni said it
would pay around $3.3 billion.
The new trading venture will provide expanded market access for Adnoc
Refining’s products with export volumes equivalent to approximately 70 per
cent of throughput. (with inputs from Reuters)
January 27, 2019 |
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Courtesy Al Nisr Publishing LLC
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