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ADNOC sells 35% of refining unit to Eni & OMV for $5.8B



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Italy’s Eni SpA and Austria’s OMV AG agreed on Jan. 28 to buy a combined 35% stake in the refining business of Abu Dhabi National Oil Co. for about $5.8 billion. The deal would value 922,000 bo/d ADNOC Refining at $19.3 billion and generate a companion agreement to form a trading joint venture with the same proportional ownership that will likely begin physical and derivative trading of the refinery’s products as early as next year. Eni was awarded 20% and OMV 15% of ADNOC Refining, the world’s......
 
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