The Abu Dhabi National Oil Company (Adnoc) said today that it had completed one of the world’s largest-ever refinery deals.
Under the transaction, first announced in January, Eni and OMV have acquired 20% and 15% shares respectively in Adnoc Refining.
The business refines in excess of 922,000 barrels per day of crude and condensate at its Ruwais and Abu Dhabi based plants.
Ruwais is the 4th biggest single-site refinery in the world.
Adnoc, Eni and OMV have now incorporated a new trading joint venture, Adnoc Global Trading, at Abu Dhabi Global Market (ADGM).
The JV will focus on direct sales of products from the refinery to customers, primarily in Asia, and in emerging markets.
Physical and derivative trading is expected to begin in 2020 when all necessary processes, procedures and systems are in place.