The European oil and gas companies Eni and OMV take an interest in the refining branch of Abu Dhabi’s state-owned oil company. The Italian Eni and the Austrian OMV together will pay 5.8 billion dollars for a 35 percent stake in the division, it was announced.

The deal values ​​Adnoc’s refining division at 19.3 billion dollars. As part of the agreement, the parties will also join forces in the sale of the oil and gas products. This mainly concerns sales to international customers. Adnoc intends to retain the remaining part of the refining branch for the time being, although according to the management the company is in due course open for a sale of an interest of another 5 to 10 percent.

Many oil producers in the Middle East are aiming for collaborations with foreign companies. They want to become less dependent on the sale of crude oil and through collaborations they acquire the necessary knowledge and expertise in the fields of refining and chemistry, among other things.

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