DUBAI, United Arab Emirates (AP) — The state-owned Abu Dhabi National Oil Co. says it has signed agreements worth $5.8 billion with Italy’s Eni and Austria’s OMV for a share in the firm’s refining unit and for the creation of a new trading venture.
Eni was awarded a 20 percent share and OMV a 15 percent share in the new trading venture and in ADNOC Refining, with ADNOC owning the remaining 65 percent. ADNOC Refining has a refining capacity of 922,000 barrels per day and is valued at $19.3 billion.
OMV and Eni have previously signed deals with ADNOC for stakes in Abu Dhabi’s oil fields.
Abu Dhabi Crown Prince Mohammed bin Zayed Al Nahyan, Italy’s prime minister and Austria’s finance minister witnessed the signing of the new agreements in Abu Dhabi on Sunday.
Most Read Business Stories
- Alaska Airlines reaches a milestone contract deal with its pilots union
- Seattle is America's fastest-cooling housing market, Redfin says
- Rad Power Bikes puts the brakes on RadWagon 4 over safety concerns
- Airbus wins $4.8 billion China jet order in blow to Boeing
- They were entitled to free care. Renton-based Providence hospitals hounded them to pay