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News Aug 01, 2019

ADNOC Closes Landmark Strategic Partnership Agreements with Eni and OMV in Refining and Trading

Shearman & Sterling advised the Abu Dhabi National Oil Company (ADNOC) on landmark strategic equity partnerships with Eni and OMV covering both the existing ADNOC Refining business and a new trading joint venture. The transaction includes one of the world’s largest-ever refinery transactions. Ruwais is the fourth biggest single site refinery in the world. ADNOC, Eni and OMV also incorporated a new trading joint venture at Abu Dhabi Global Market (ADGM) to focus on direct sales to customers, primarily in Asia, and in emerging markets.

The Team