ADNOC, BP bid for stake in NewMed Energy

WAM

Adnoc and BP have made a joint offer to buy a 50 per cent stake in Israel-based NewMed Energy.

The non-binding offer would see the company effectively taken private.

Adnoc said the move is part of plans to establish a joint venture with BP with a focus on gas development.

The two companies intend to explore a range of mechanisms for the formation and potential further expansion of their new partnership.

Buying the NewMed stake would be a "significant first step in this direction", added Adnoc.

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