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.