UAE's ADNOC in advanced talks to sell refinery stakes: sources | Reuters:
State-owned Abu Dhabi National Oil Co (ADNOC) is in advanced talks with more than one potential buyer, including Italy’s ENI, as it prepares to sell minority stakes in its refining business, two sources familiar with the matter said.
ADNOC began a wide-ranging shake-up in 2016 to tackle competition from new producers such as U.S. shale firms. It listed 10 percent of its fuel distribution business last year and aims to expand its downstream business abroad.
The company also started a sale process for a stake in its $20 billion refining business, which the sources said it was likely to split between two or more parties.
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