Abu Dhabi's Adnoc Inks $5.8 Billion in Refining Deals With Eni and OMV

By Summer Said 

DUBAI -- State-owned Abu Dhabi National Oil Co., or Adnoc, said Sunday it has signed agreements worth $5.8 billion with two European energy companies for a share in its refining unit and to create a new trading operation.

Italian energy company ENI SpA has acquired a 20% stake and Austria's OMV bought a 15% share in Adnoc Refining, with Adnoc owning the remaining 65%, the companies said in statements.

Adnoc Refining, which has a total refining capacity of 922,000 barrels a day operates the fourth largest single site refinery in the world, is valued at $19.3 billion. OMV said it would pay around $2.5 billion, while Eni said it would pay around $3.3 billion.

The partners will own the same proportions of the joint trading venture, the companies said.

Adnoc said the new trading venture will provide expanded market access for refining products with export volumes equivalent to about 70% of throughput.

Both ENI and OMV previously have signed deals with Adnoc for stakes in Abu Dhabi's oil fields.

Write to Summer Said at [e-mail]

(END) Dow Jones Newswires

January 27, 2019 07:41 ET (12:41 GMT)

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