ADNOC forms new international investment arm

Abu Dhabi National Oil Co. (ADNOC) is setting up an international arm to invest in oil and gas firms abroad, according to Reuters, citing local reports. The new firm will be known as ADNOC International Ltd. and will be capitalized at $1 billion. It will be fully owned by ADNOC, but independent, and will be based in Abu Dhabi.

ADNOC International will invest in, own, and run oil and gas firms and assets for exploration, drilling, and production, as well as for marketing, refining, and distribution outside Abu Dhabi. It will also conduct activities in the emirate, from which comes the bulk of oil production of OPEC's third largest producer.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...