ADNOC establishes strategic partnership with Eni and OMV in refining

Union

Headquarters of ADNOC (from source)

Abu Dhabi (Al Ittihad)

The National Oil Company of Abu Dhabi (ADNOC) has finalized strategic partnership agreements with the Italian companies ENI and OMV for the acquisition of a stake in ADNOC Refining Company and the creation of A joint venture between ADNOC, "Or mother in".
The agreement, announced last January, is one of the largest in the refining industry.
Under the terms of this agreement, Eni will receive 20% of the capital and OMV 15%. ADNOC will retain the remaining 65% of ADNOC Refining, with a total refining capacity of 922,000 barrels of oil. And condense daily in the company's refineries in Ruwais and Abu Dhabi.

According to a statement released yesterday, the partnership reflects the quality, growth and expansion of ADNOC's refining badets.
The Ruwais Refinery is the fourth largest oil refinery in the world in one place. ADNOC focuses on the development and expansion of the Ruwais industrial complex, becoming the largest integrated integrated refinery and petrochemical complex in the world.
As a refinery company capable of producing sulfur-free heavy fuel, ADNOC Refining is eligible for the IMO 2020 certification (which defines maximum sulfur emissions in marine transportation fuels in accordance with the organization's standards).
The expansion of the refining and petrochemical business in Ruwais is contributing to the growth and development of ADNOC, becoming a world leader in refining and petrochemicals.
ADNOC, ENI and OMV have registered the new joint venture in the global Abu Dhabi market on behalf of ADNOC International Trading.
ADNOC Global Trading focuses on direct sales to customers, primarily in Asia and emerging markets, allowing the new company to realize business value from different stages and aspects of the oil and gas industry.
ADNOC strengthens its capabilities and develops its business activities with the aim of improving and marketing its badets and product flows to maximize the value of its operations.
The project is expected to begin trading commodities and products, as well as derivatives, early in 2020, after receiving approvals and completing the necessary regulatory actions.
ENI and OMV provide the expertise, operational knowledge and support needed for the development of the joint venture, thereby ensuring better systems and improved management of refined petroleum product flows around the world.
The shares of the joint venture partners will be equal to those held in ADNOC Refining.
These strategic partnerships with Eni and OMV are another example of ADNOC's qualitative transformation and value creation strategy, which responds to changes and developments in the energy sector, ensuring ADNOC's flexibility and ability to seize opportunities. Supplied by the market.