ADNOC today confirmed that, together with BP p.l.c. (bp), it has made a non-binding offer to take NewMed Energy – Limited Partnership (NewMed Energy) private through an acquisition of the free float and partial acquisition of Delek Group Ltd’ stake, which would result in ADNOC and bp holding 50% of NewMed Energy.
ADNOC and bp intend to form a new joint venture that will be focused on gas development in international areas of mutual interest including the East Mediterranean. This proposed transaction with NewMed Energy would be a significant first step in establishing this dynamic joint venture together with bp.
If completed, this would strengthen the broader strategic partnership between ADNOC and bp across energy, renewables and carbon capture and storage technology and would deepen the partners’ long-standing relationship.
This proposed transaction is consistent with ADNOC’s stated growth strategy across its value chain to responsibly meet rising energy demand and support global energy security. The two companies intend to explore a range of mechanisms for the formation and potential further expansion of their new partnership.
ADNOC and bp will update the market on the proposed transaction as appropriate.