ABU DHABI, Jan. 27 (Xinhua) -- An agreement on strategic partnerships have been signed by the Abu Dhabi National Oil Company (ADNOC), Italy's Eni and Austria's OMV in refining and establishing a new trading joint venture.
The signing of the agreement was witnessed by Crown Prince of Abu Dhabi Sheikh Mohammed bin Zayed Al Nahyan, Italian Prime Minister Giuseppe Conte and Austria's Minister of Finance Hartwig Loger, said the state-run news agency WAM.
According to the agreement, Eni and OMV will acquire 20 percent and 15 percent shares in ADNOC Refining respectively, with ADNOC owning the remaining 65 percent.
The agreement values ADNOC Refining, which has a total refining capacity of 922,000 barrels per day and operates the fourth largest single site refinery in the world, at an enterprise value of 19.3 billion U.S. dollars.
The transaction 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.
