The UAE’s Abu Dhabi National Oil Company (Adnoc) announced that Italy's Eni and Austria’s OMV had completed the 35% acquisition of equity interest in Adnoc Refining, with the partnership's closure followed by the establishment of their joint venture, Adnoc Global Trading, which will sell products from Adnoc's Ruwais refinery to Asia and emerging markets.
Eni and OMV will provide operational experience, in addition to supporting the development of the newly formed entity, reported state-owned news agency, Wam.
Physical and derivative trading is expected to begin in 2020, in line with the completion of necessary procedures and systems, and Eni and OMV will own the “same shareholding” in Adnoc Global Trading as in Adnoc Refining.
The deal is valued at $5.8bn, according to a report by Construction Week's sister title Arabian Business.
Adnoc entered into the partnership with Eni and OMV this January, adding at the time that its refining business — which operates the world’s fourth largest single-site refinery in the world in Abu Dhabi's Ruwais — had an enterprise value of $19.3bn (AED70.9bn).
The UAE national oil company's refining unit produces 922,000 barrels of crude and condensate per day at its facilities.
Speaking on the partnership at the time, group chief excutive officer of Adnoc, HE Dr Sultan Ahmed Al Jaber, said: “We are delighted to partner with Eni and OMV in our refining business and the new trading company."