Eni and OMV acquire stakes in ADNOC’s downstream unit for US$5.8bn
28 January, 2019
Italian supermajor Eni and Austrian oil and gas company EMV have acquired stakes in ADNOC Refining for a combined sum of US$5.8bn (£4.4bn).
UAE’s state-owned Abu Dhabi National Oil Company (ADNOC) will retain a 65% stake in the company, with Eni holding 20% and OMV owning 15%.
Created in 1999 as a separate entity to ADNOC, the downstream company is engaged in crude oil and condensate refining, and supply of petroleum products, with a total refining capacity of 922,000 barrels per day.
The transaction is one of the largest ever in the refinery business and gives ADNOC Refining an enterprise value of US$19.3bn (£14.6bn).