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ABU DHABI, Jan 27 (Reuters) – The national oil company of Abu Dhabi (ADNOC) announced Sunday that it has signed two strategic partnerships with ENI and the Austrian OMV covering ADNOC refining, as well as a new commercial operation to be jointly created by the three partners.
As part of this transaction, ENI and OMV will acquire respectively 20% and 15% of ADNOC's refining activities, with ADNOC holding the remaining 65%. The partners will also create a joint commercial venture in which ENI and OMV will again hold 20% and 15% respectively, said a statement from ADOC.
The transaction, one of the largest ever in the refinery sector, has been described as "one-of-a-kind" by ADNOC chief executive Sultan al-Jaber. (Report by Maha El Dahan and Dahlia Nehme, edited by Kirsten Donovan)
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