ADNOC seals $5.8bln refining and trading deal with ENI, OMV | ZAWYA MENA Edition:
Italy's Eni and Austria's OMV have agreed to pay a combined $5.8 billion to take a stake in Abu Dhabi National Oil Company's (ADNOC) refining business and establish a new trading operation owned by the three partners.
The transaction, which expands ADNOC's access to European markets, furthers Eni's diversification away from Africa and gives OMV a downstream oil business outside Europe. It was hailed as a "one of a kind" deal by ADNOC's Chief Executive Sultan al-Jaber.
"The whole oil and gas industry hasn't seen a transaction of this size and sophistication," he said.
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