Hefty Chinese buying of Russian oil, alongside robust Indian demand, has been spurred by steep price discounts but is providing Moscow much-needed revenue after the Group of Seven imposed a $60 price cap on Russian crude. Kaabi said ADNOC has a healthy pipeline of acquisition targets.
"Natural gas, LNG and chemicals will be an area of
focus," he said.
"We have an active pipeline," he added when asked if ADNOC is actively looking at a particular target.
The Abu Dhabi state oil giant in March offered, with BP , to jointly acquire 50% of Israeli offshore natural gas producer NewMed Energy for around $2 billion, making their entry into Israel's growing energy sector.
ADNOC said on Wednesday it intends to offer 15% of its unit
ADNOC Logistics & Services (ADNOC L&S) through an initial public
offering on Abu Dhabi's stock exchange.
(Reporting by Maha El Dahan and Yousef Saba, Editing by Louise
Heavens)
