Cleary Gottlieb represented OMV AG (OMV) in connection with its acquisition of a 15 percent interest in Abu Dhabi National Oil Company Refining (ADNOC Refining) and a to-be-established global-trading joint venture for approximately $2.5 billion.
A binding sale and purchase agreement was signed on January 27, 2019. The transaction is expected to close in the third quarter of 2019, subject to customary closing conditions and regulatory approvals. ENI, an Italian oil and gas company, is expected to acquire 20 percent of ADNOC Refining in parallel with OMV.
The future global-trading joint venture will be an international exporter of ADNOC Refining’s products, with export volumes expected to be around 70 percent of production.
The transaction is part of a comprehensive program involving the opening of various parts of ADNOC to international investment.
OMV, which is partly owned by the Abu Dhabi government’s Mubadala Investment Co., is an integrated oil and gas company headquartered in Vienna, Austria.
ADNOC Refining is currently a wholly owned subsidiary of ADNOC. It operates the world’s fourth-largest single site refinery complex (Ruwais East and North, located in the western region of the Emirate of Abu Dhabi), as well as the Abu Dhabi Refinery.