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ADNOC signs refining and trading partnership agreements with Eni and OMV

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Hydrocarbon Engineering,


The Abu Dhabi National Oil Co. (ADNOC) has signed two new strategic equity partnerships with Eni and OMV, covering both ADNOC Refining and a new trading joint venture (JV), which will be jointly established by the three partners.

In one of the largest ever refinery transactions, Eni and OMV will acquire 20% and 15% shares in ADNOC Refining respectively, with ADNOC owning the remaining 65%. The agreement values ADNOC Refining, which has a total refining capacity of 922 000 bpd, and which operates the fourth largest single site refinery in the world, at an enterprise value of US$19.3 billion.

As a further part and condition of this agreement, the partners will also establish a trading JV, in which Eni and OMV will own 20% and 15% of the shares respectively. Proceeds to ADNOC from the sale are estimated to be US$5.8 billion, subject to completion adjustments. 

The new global trading JV, once established, will be an international exporter of ADNOC Refining's products, with export volumes equivalent to approximately 70% of throughput. Domestic supply within the UAE will continue to be managed by ADNOC.

Read the article online at: https://www.hydrocarbonengineering.com/refining/28012019/adnoc-signs-refining-and-trading-partnership-agreements-with-eni-and-omv/

 

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