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Abu Dhabi National Oil Corporation plans to sell its stake in its refining business

 Last Update: 2022-12-27
 Source: Internet
 Author: User

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Abu Dhabi National Oil Company (ADNOC) has hired Goldman Sachs and HSBC to advise
on a potential sale of stakes in up to $20 billion in refining operations, Bloomberg reported on Thursday, citing people familiar with the matter.

The country's oil companies are allegedly reviewing offers for up to 40 percent stake in the refining operation, estimated to be worth $8 billion
.

Last month, Abu Dhabi National Oil Company CEO Sultan Al Jaber unveiled plans to invest $45 billion over the next five years, along with unnamed international partners, to build leadership in global downstream markets
.

Potential investors in the company's refining business will help run existing units and share the cost of
building new crude processing facilities, the sources said.
ADNOC also wants partners to help it trade crude oil and refined fuels
.

Abu Dhabi National Oil Company and financial advisers declined to comment
at press time.

oil refining

The country's oil companies are allegedly reviewing offers for up to 40 percent stake in the refining operation, estimated to be worth $8 billion
.

Abu Dhabi National Oil Company and financial advisers declined to comment
at press time.

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