off-the-wire

ADNOC, BP bids for interest in Israel's NewMed Energy

Kitco Media
By Reuters
Published:
Updated:
Reuters
March 28 (Reuters) - BP and ADNOC on Tuesday confirmed they have made a non-binding offer to take NewMed Energy private.


The deal involves the purchase of the free float and a partial acquisition of Delek Group’s stake, which would result in BP and ADNOC holding 50% of NewMed Energy.


"BP and ADNOC intend to form a new joint venture that will be focused on gas development in international areas of mutual interest including the East Mediterranean," BP said in a statement.
(Reporting by Ashitha Shivaprasad in Bengaluru, Editing by Louise Heavens)

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