An important partnership that will allow to grow, strengthen the integration and increase the refining capacity. This is the result of the agreement signed by ENI with Abu Dhabi National Oil Company (ADNOC) Refining, which sees Eni acquiring ...
a stake in refining operations of the Middle Eastern company. This is one of the largest ever refinery transactions and reflects the scale, quality, and growth potential of ADNOC Refining’s assets. The agreed terms for the 20% equity interest acquired by Eni include a cash price of approximately $3.3 billion after deduction of the net debt and subject to closing adjustments.
This is one of the largest ever refinery transactions and reflects the scale, quality, and growth potential of ADNOC Refining’s assets, coupled with an advantageous location from which to supply markets in Africa, Asia and Europe. Adnoc Refining operates three refineries in Ruwais (Ruwais East and Ruwais West) as well as Abu Dhabi (Abu Dhabi Refinery), with a total refining capacity in excess of 900 thousand barrel per day.
According to Eni’s CEO, Claudio Descalzi «these agreements consolidate our strong partnership with ADNOC. In the space of less than one year, we have been able to create a business hub with world class upstream operations and a material and efficient refinery capacity with further potential growth. This transaction, which allows us to enter the United Arab Emirates’ downstream sector and represents a 35% increase in Eni’s global refining capacity, is in line with our announced strategy to make Eni’’s overall portfolio more geographically diversified, more balanced along the value chain, more efficient and more resilient to cope with market volatility».
ENI was born in Italy, but it has its head in the world: it operates in 71 countries and every day it creates value.
