In January

Italian firm Eni and Abu Dhabi’s National Oil Company (Adnoc) have closed their previously announced $3.24bn strategic partnership.

The deal also sees the establishment of a new trading joint venture (JV) between two companies and Austrian firm OMV, as well as Eni’s acquisition of a 20% interest in Adnoc Refining.

In January, Adnoc signed the initial agreements to offer stakes in Adnoc Refining to Eni and OMV for a total consideration of $5.8bn.

Adnoc Refining refines more than 922,000boe/d crude oil at its refineries in Ruwais and Abu Dhabi.

The transaction highlights the growth potential of Adnoc Refining’s assets.

Expanding its refining and petrochemical processing operations at Ruwais will enable Adnoc to pioneer as a global downstream player.

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Adnoc, Eni and OMV have now incorporated a new trading JV at Abu Dhabi Global Market with the same shareholding percentage as in Adnoc Refining.

Trading is expected to start next year once all the required processes, procedures and systems are in place. Eni and OMV will provide Adnoc with operational experience and support to accelerate the development of the JV.

Eni said in a statement: “These agreements demonstrate the strong partnership between Eni and Adnoc. With this transaction, Eni enters the UAE downstream sector and increases its global refining capacity by 35%.

“It follows the company’s strategy of making Eni’s overall portfolio more geographically diversified and more balanced along the value chain.”

In addition to the UAE, Eni operates in Oman, Bahrain, Lebanon and Iraq in the Middle East.

In March 2018, Eni secured a 10% interest in Adnoc’s Umm Shaif and Nasr concession and a 5% interest in the Lower Zakum concession.