ENI: investment agreement in ADNOC refining
(CercleFinance.com) - Eni has said that on Sunday it signed an agreement with ADNOC, the Abu Dhabi oil company, enabling the Italian major to take a 20% stake in ADNOC Refining, for 3.
3 billion dollars in cash.
"The acquisition of a stake in this high quality refinery complex represents a 35% increase of Eni's refining capacity," says the group, adding that the agreement makes its portfolio "more resilient to the high volatile economic environment."
In addition, ADNOC has sold a 15% interest in ADNOC Refining to the Austrian company OMV, keeping the remaining 65%. The three groups have finally agreed to establish a marketing joint venture to export products.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
3 billion dollars in cash.
"The acquisition of a stake in this high quality refinery complex represents a 35% increase of Eni's refining capacity," says the group, adding that the agreement makes its portfolio "more resilient to the high volatile economic environment."
In addition, ADNOC has sold a 15% interest in ADNOC Refining to the Austrian company OMV, keeping the remaining 65%. The three groups have finally agreed to establish a marketing joint venture to export products.
Copyright (c) 2019 CercleFinance.com. All rights reserved.