LNG

Abu Dhabi National Oil Company, the producer of oil and LNG for the United Arab Emirates, has concluded one of the largest ever deals for refining assets by selling a one-fifth shareholding to Italian energy company Eni for $3.9 billion as the UAE seeks to fund a long extension of LNG output and additional exploration and production activities.

Abu Dhabi National Oil Company (ADNOC), the leading energy group in the United Arab Emirates and a long-standing LNG exporter with investment plans in downstream projects to boost natural gas production, has signed a deal to allow US energy services firm Baker Hughes-GE to acquire a stake in subsidiary ADNOC Drilling.