Abu Dhabi’s Adnoc and Gunvor extend talks to reach investment deal | Financial Times
Abu Dhabi National Oil Company and Gunvor, the energy trading house, are extending an exclusivity period for deal talks as they try to reach an agreement over a possible investment.
People close to the deal say discussions could lead to Adnoc taking a minority stake in Gunvor, whose net profits soared to $841mn in the first half of last year — higher than its full-year profits in 2021 — as energy markets were roiled by Russia’s full-scale invasion of Ukraine.
The exclusivity period for the talks, which began last summer, had been due to expire at the end of December, according to people familiar with the matter.
Adnoc, which is the United Arab Emirates’ state oil producer and pumps roughly 4 per cent of all global crude supplies, is working to diversify its revenue streams and build out its trading division.
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