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ADNOC in advanced talks to sell refinery stakes

Petrochemicals

State-run oil and gas company Abu Dhabi National Oil Company (ADNOC) is in advanced talks with international players to sell out stakes in a number of ADNOC refineries

Sources aware of this matter told Reuters that ADNOC is exploring multiple opportunities to expand its downstream businesses.

In April 2018, OMV, the Vienna-based global integrated oil and gas company, signed an agreement to buy a 20 per cent stake in Abu Dhabi’s SARB and Umm Lulu concessions. In March this year, ADNOC awarded stakes in two of Abu Dhabi’s offshore concession areas to China National Petroleum Corporation (CNPC).

In early 2018, ADNOC launched bidding round of six new oil and gas blocks, both offshore and onshore, to unlock new oil and gas opportunities in the Middle East and maximise hydrocarbon production the region.

All these were in line with ADNOC’s strategy to maximise returns from its resources, expand its downstream business and retain value for the UAE.

“To date we have received significant interest from the market, (from both) new and existing partners. We will update the market in due course,” the ADNOC spokesperson to the source.

The source further added that the US investment bank Morgan Stanley may help with the offer for ADNOC's stake.

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