BP, ADNOC Eye Major Stake In Israel's NewMed Energy

  • Energy major BP plc BP, along with the UAE energy company ADNOC, has made a non-binding offer to take Israel’s NewMed Energy private.
  • The proposed acquisition, through an acquisition of the free float and partial purchase of Delek’s stake, would result in BP and ADNOC holding 50% of NewMed Energy.
  • Both parties intend to form a new joint venture that will be focused on gas development in international areas of mutual interest, including the East Mediterranean. 
  • The deal is expected to strengthen strategic partnership between ADNOC and bp across oil and gas, hydrogen, and carbon capture and storage technology.
  • Price Action: BP shares are trading higher by 1.87% at $37.57 on the last check Tuesday.
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Posted In: M&ANewsGeneralBriefsEurasia
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