DIRS.INFO The most relevant business & tech news

☆ Covestro opens books to ADNOC over $12.5 billion takeover offer
▼ + stars: | 2024-06-24 | by ( ) www.cnbc.com time to read: +2 min

German chemicals firm Covestro is giving ADNOC access to its books and stepping up talks based on an improved 11.7 billion euro ($12.5 billion) takeover offer, after more than a year of courtship by the Emirati energy company. Covestro said talks would proceed "in a timely manner" and there was no certainty of an agreement. A spokesperson for ADNOC welcomed Covestro's decision: "We look forward to jointly working with Covestro to swiftly progress due diligence for this important transaction," adding that this was ADNOC's final offer. ADNOC's initial informal offer to Covestro was reported in June 2023, but it wasn't until September last year that the German company entered into open-ended formal discussions. In December, it agreed to buy European chemical producer OCI's stake in ammonia and urea producer Fertiglobe for $3.6 billion.

Persons: Covestro, ADNOC, Austria's, Fertiglobe Organizations: Covestro, Abu, Abu Dhabi National Oil Co, Reuters, Jefferies, BP Locations: Leverkusen, Germany, Abu Dhabi

DUBAI, Oct 9 (Reuters) - The United Arab Emirates is refashioning state-owned Abu Dhabi National Oil Company (ADNOC) in the image of an international oil major by stepping up its global expansion and finding new revenue streams to maximise earnings for the Gulf state. The state-owned company also told Reuters it was investing in energy trading, without giving further details. ADNOC has two trading arms, both set up in 2020: ADNOC Trading, which is focused on crude oil, and ADNOC Global Trading, a joint venture with Italy's Eni (ENI.MI) and OMV which is more focused on refined products. Other recent hires include Bart Cornelissen, who left Deloitte to become ADNOC's senior vice president for group strategy and portfolio last month, according to LinkedIn. Recent senior hires for ADNOC's trading arms include alumni of Gunvor, Litasco, Shell and TotalEnergies, the employment network showed.

Persons: ADNOC, Galp, Austria's, Mohammed bin Zayed, headcount, Michele Fiorentino, Baker Hughes, Musabbeh Al Kaabi, Al Kaabi, Bart Cornelissen, Michael Hafner, Hafner, Morgan Stanley, Neil Quilliam, Sultan al, Jaber, John Kerry, Abu, Maha El Dahan, Yousef Saba, Ron Bousso, David Clarke Organizations: United, Abu, Abu Dhabi National Oil Company, Reuters, BP, NewMed Energy, Italy's Eni, UAE, IOC, Aramco, LinkedIn, Mubadala Energy, Deloitte, Greenhill &, Deutsche Bank, UBS, HSBC, Shell, Eni, Gunvor, The, Chatham House, United Nations, Masdar, Thomson Locations: DUBAI, United Arab Emirates, Abu Dhabi, Gulf, Saudi Arabia, Qatar, UAE, Africa, Mozambique, ADNOC, Geneva, London, The UAE, Europe, Sultan, Dubai

☆ Q+A What is known about the Nord Stream gas pipeline explosions
▼ + stars: | 2023-09-26 | by ( Nerijus Adomaitis | ) www.reuters.com time to read: +8 min

This is what we know so far:WHAT ARE NORD STREAM PIPELINES? The multibillion-dollar infrastructure project was built by Russia's Gazprom (GAZP.MM) in two stages - Nord Stream 1 and Nord Stream 2. Gazprom owns 51% of Nord Stream 1, while Germany's E.ON (EONGn.DE) and Wintershall Dea (WINT.UL) have 15.5% each, while French Engie (ENGIE.PA) and Dutch Gasunie (GSUNI.UL) hold 9% each in Nord Stream 1. Nord Stream 2, fully owned by Gazprom and operated by Nord Stream 2 AG, was completed in September 2021 at a cost of $11 billion, but was never put into operation because Germany had cancelled Nord Stream 2's certification days before Russia's invasion of Ukraine on Feb. 24, 2022. The Nord Stream pipelines have been a flashpoint in an energy dispute between Europe and Moscow since Russia's invasion of Ukraine.

Persons: Pipes, Fabian Bimmer, Wintershall, OMV, Peter Frank, Die, Seymour Hersh, Mats Ljungqvist, Der Spiegel, Der Siegel, BfV, Nerijus Adomaitis, Christoph Steitz, Nina Chestney, Ros Russell Organizations: REUTERS, Rights, Gazprom, Nord, E.ON, Shell, . Security, WHO, Washington Post, Die Welt, . Security Council, Reuters, Street, ZDF, Kyiv, CIA, NDR, WDR, German Federal Intelligence Service, Thomson Locations: Baltic, Mukran, Germany, Rights OSLO, Russia, Swedish, Bornholm, Sweden, Denmark, Nord, Ukraine, Uniper, Washington, NATO, Moscow, Kaliningrad, Russian, Britain ., U.S, Norway, China, Brazil, Rostock, Wiek, Rugen, Danish, Christianso, Kolobrzeg, Poland, Europe, United States, Oslo, Frankfurt

This would boost the oil giant's non-binding bid to about 11.6 billion euros ($12.63 billion), the people said. The indication of a raised offer is, however, not in writing, the people cautioned, adding that Covestro will take time to consider any next steps. ADNOC last raised its informal offer to 57 euros per share in July. Covestro shares jumped about 4.2% in a volume spike after Bloomberg News first reported that ADNOC was prepared to sweeten its offer. Earlier in August, Covestro reported a 21% fall in revenues to 3.7 billion euros in the second quarter.

Persons: Toru Hanai, ADNOC, Covestro, Austria's, Emma, Victoria Farr, Maha El Dahan, Yousef Saba, Tomasz Janowski Organizations: REUTERS, Abu Dhabi National Oil Co, Reuters, Bloomberg News, Thomson Locations: Gastech, Chiba, Japan, FRANKFURT, DUBAI, Abu Dhabi, Frankfurt, Maha, Dubai

☆ ADNOC has upper hand in $30 bln plastics M&A
▼ + stars: | 2023-07-24 | by ( Karen Kwok | ) www.reuters.com time to read: +4 min

The complex ownership structure and the involvement of two governments make it intriguing to see who holds the whip hand. ADNOC owns 54% of Abu Dhabi-listed Borouge, while 36% of the same company is held by Borealis, with other investors accounting for the other 10%. Meanwhile ADNOC owns 25% of Borealis, while OMV holds the other 75%. Strip out Borouge's dividend, and Borealis would be worth $10 billion, Deutsche Bank reckons. ADNOC’s 63% Borouge stake and 25% Borealis stake are thus worth $14 billion and $2.5 billion respectively; OMV’s 27% Borouge stake and 75% Borealis holding are worth $6 billion and $7.5 billion.

Persons: ADNOC, OMV, Goldman Sachs, China's Sinopec, Saudi Arabia's SABIC, Abu Dhabi, Abu Dhabi’s, George Hay, Pranav Kiran Organizations: Reuters, Abu, Abu Dhabi National Oil Company, Borealis, Reuters Graphics Reuters, Deutsche Bank, Abu Dhabi National Oil Co, OMV, ADNOC, Thomson Locations: Abu Dhabi, Austrian, Borealis, Borouge, Saudi, India, Abu, Europe, Vienna, ADNOC

☆ OMV Petrom makes largest crude oil discovery in decades
▼ + stars: | 2023-06-13 | by ( ) www.reuters.com time to read: +1 min

BUCHAREST, June 13 (Reuters) - Romanian oil and gas group OMV Petrom (ROSNP.BX), majority-controlled by Austria's OMV (OMVV.VI), said on Tuesday it discovered new crude oil and natural gas deposits equal to about three quarters of its overall 2022 production. The deposits are the largest crude oil discovery OMV Petrom has made in decades, it said, and were found in southern Romania holding over 30 million barrerls of oil equivalent (boe) of recoverable resources. OMV Petrom has said it expected a decision around the middle of this year for the Neptun Deep gas project, estimated to cost around 4 billion euros ($4.32 billion). In May, Romanian lawmakers changed the law to enforce an additional tax on refined crude oil which applies to OMV Petrom. OMV Petrom shares were up 0.65% on the day on the Bucharest Stock Exchange by 1135 GMT.

Persons: Austria's OMV, Petrom, Cristian Hubati, Romgaz, OMV Petrom, Luiza Ilie, Jason Hovet, Alan Charlish Organizations: Bucharest Stock Exchange, Thomson Locations: BUCHAREST, Romania

☆ Abu Dhabi's ADNOC to acquire 24.9% stake in Austria's OMV from Mubadala - sources
▼ + stars: | 2022-12-21 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +1 min

DUBAI, Dec 21 (Reuters) - Abu Dhabi National Oil Company (ADNOC) has agreed to acquire a 24.9% shareholding in Austrian oil and gas group OMV from Abu Dhabi state fund Mubadala Investment Company, two sources familiar with the matter told Reuters. The transaction is subject to regulatory approvals, said the sources, declining to be named as the matter is not public. ADNOC and Mubadala did not immediately respond to a request for comment when contacted by Reuters on Wednesday. The transaction comes after Mubadala Petroleum rebranded to Mubadala Energy in September to pursue new energy sectors including blue hydrogen and carbon capture, and as Abu Dhabi's ADNOC looks to increase its presence internationally through mergers and acquisitions. ADNOC in April this year agreed to acquire a 25% stake from Mubadala in European petrochemical maker Borealis, which is 75% owned by OMV.

☆ Factbox: Nord Stream's role in Russia's gas supply to Europe
▼ + stars: | 2022-07-18 | by ( ) www.reuters.com time to read: +3 min

The logo of Nord Stream AG is seen at an office building in the town of Vyborg, Leningrad Region, Russia August 22, 2022. Below are further details of the importance of the pipeline in carrying Russian gas to Europe. In Germany, the gas is received by the connecting pipelines OPAL (Baltic Sea Pipeline Link) and NEL (North European Gas Pipeline), which link into the European grid. OWNERSThe pipeline is majority-owned by Gazprom (GAZP.MM) and forms the main route through which Russian gas flows to Germany. OPERATORSThe Switzerland-based Nord Stream AG consortium is the operating company for transit, technical, legal and environmental matters, but does not own the asset or the gas in it.

Search resuls for: "Austria's OMV"

8 mentions found