Eni has completed the acquisition of a 20% equity interest in ADNOC Refining, increasing the company’s refining capacity by 35%.
ADNOC Refining refines more than 922,000 barrels per day of crude at its Ruwais and Abu Dhabi based refineries. The transaction is one of the world’s largest-ever in the refining business and reflects the sale, quality and growth potential of ADNOC’s refining assets.
Ruwais is the fourth biggest single-site refinery in the world and is the focus of further expansion and integration to develop the world’s largest single-site refining and petrochemicals complex.
The final cash price is $3.24 billion.
Additionally, Eni, ADNOC and Austria’s OMV have incorporated a new trading joint venture at Abu Dhabi Global Market, with the same shareholding as in ADNOC Refining. Trading is expected to begin in 2020 when all necessary processes, procedures and systems are in place. Eni and OMV will provide ADNOC with know-how, operational experience and support to accelerate the development of the trading joint venture, enabling ADNOC and its partners to optimise their systems and better manage their international product flows.
With this transaction, Eni enters the UAE downstream sector and increases it global refining capacity by 35%. It follows the company’s strategy of making Eni’s overall portfolio more geographically diversified and more balanced along the value chain.