BP and ADNOC to buy 50% of NewMed Energy
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%.
