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| Name | Symbol | Market | Type |
|---|---|---|---|
| BP Plc | NYSE:BP | NYSE | Depository Receipt |
| Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| -0.51 | -1.32% | 38.26 | 38.525 | 37.99 | 38.45 | 9,924,554 | 21:50:22 |
From May 2022 to May 2024
By Kyle Morris
BP PLC said Tuesday that it and Abu Dhabi National Oil Co. have made a nonbinding offer to take NewMed Energy LP private.
The oil company said the deal will be completed through the acquisition of the free float and a partial acquisition of Delek's stake. Following the transaction, BP and ADNOC would each hold 50% of NewMed Energy.
BP and ADNOC plan to form a new joint venture to focus on gas development in international areas of mutual interest, such as the East Mediterranean, and the proposed transaction with NewMed Energy will be a first step in this process.
The companies also said they intend to explore a range of options for the potential further expansion of their partnership.
Shares in BP at 0742 GMT were up 9.70 pence, or 2.0%, at 506.10 pence.
Write to Kyle Morris at kyle.morris@dowjones.com
(END) Dow Jones Newswires
March 28, 2023 04:01 ET (08:01 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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