Search
Close this search box.

Terminal News

BP and ADNOC to buy 50% of NewMed Energy   

Written by...

Picture of Meenal Datar

Meenal Datar

Membership specialist
Large tank farm aerial view at night

BP and Abu Dhabi’s state oil giant have made an offer to acquire 50% of Israeli offshore natural gas producer NewMed Energy for around $2 billion (€1.8 billion). 

The offer involves acquiring NewMed’s free-floating shares and taking the company private and would mark Abu Dhabi National Oil Co (ADNOC) and BP’s entry into Israel’s growing energy sector. 

The offer is a further sign of the strengthening economic ties between Israel and the United Arab Emirates. 

Once the deal closes NewMed will be a private corporation equally held by the BP-ADNOC joint venture and Delek Group, which holds the remaining 50%. 

Share this article:

Latest terminal news