January 27, 2019 / 9:38 AM / 6 months ago

ADNOC signs strategic partnership deal with ENI, OMV

ABU DHABI, Jan 27 (Reuters) - Abu Dhabi National Oil Company (ADNOC) said on Sunday it had signed two strategic equity partnerships with Italy's ENI and Austria's OMV covering ADNOC refining and a new trading venture to be jointly established by the three partners.

Under the transaction, ENI and OMV will acquire 20 percent and 15 percent of ADNOC Refining respectively, with ADNOC owning the remaining 65 percent. The partners will also establish a joint trading venture in which ENI and OMV will again own 20 percent and 15 percent respectively, a statement by ADNOC said.

The transaction, one of the largest ever in the refinery business, was called a "one of a kind" deal by ADNOC’s Chief Executive Sultan al-Jaber. (Reporting by by Maha El Dahan and Dahlia Nehme; Editing by Kirsten Donovan)

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