The Abu Dhabi National Oil Company, ADNOC, and BBB. the. C” (BP), submitting a non-binding offer to own a stake in “NewMed Energy” – a limited partnership, through the acquisition of free shares, and the partial acquisition of the stake in “Delek Group Limited”, which will lead to the acquisition of “ADNOC” and “BP A 50% stake in Newmed Energy.
ADNOC and BP intend to establish a new joint venture that will focus on developing gas in international regions of mutual interest, including the eastern Mediterranean. This proposed transaction for NEOMED Energy will represent an important first step in the establishment of this dynamic joint venture with BP.
This proposed deal, if completed, will contribute to strengthening the broad strategic partnership between ADNOC and BP in the fields of energy, renewable energy and carbon capture and storage technologies, and will consolidate the long-term partnership between the two companies.
This proposed deal is in line with ADNOC’s stated growth strategy across its value chain to meet the growing demand for energy and support its global security.
The two companies also intend to explore a range of mechanisms to build their new partnership and the possibility of expanding it. ADNOC and BP will brief the market on the proposed transaction as appropriate.
