BP, a global energy company, has announced that it has partnered with Abu Dhabi National Oil Company (ADNOC) to make a non-binding offer to take NewMed Energy private. This would involve acquiring the free float and a partial acquisition of Delek’s stake, resulting in both BP and ADNOC holding 50% of NewMed Energy. The companies plan to create a new joint venture focused on gas development in international areas of mutual interest, including the East Mediterranean. The partnership will deepen their existing relationship and align with BP’s strategy and financial frame. ADNOC and BP intend to explore further mechanisms for expanding their new partnership, with updates to be provided as appropriate.
In May of last year, ADNOC, BP, and Masdar signed a partnership agreement to develop clean hydrogen and technology hubs. In other news, Masdar, ADNOC, BP, Tadweer, and Etihad Airways will conduct a joint feasibility study on sustainable aviation fuel and other products using municipal solid waste and renewable hydrogen. The announcement was made at the Abu Dhabi Sustainability Week.