DUBAI, United Arab Emirates — Plans for a 50% stake purchase by energy major BP and Abu Dhabi National Oil Company (Adnoc) in Israeli gas producer NewMed are on hold because of regional turbulence, NewMed said Wednesday.
The three companies "have agreed, due to the uncertainty created by the external environment, to suspend discussions in relation to the proposed transaction," a NewMed statement said.
The statement also said that BP and Adnoc "reiterated [their] interest in the proposed transaction," indicating that the deal was not permanently off the table.
At the time, BP and Adnoc said that the deal would result in a joint venture from the two companies to focus on "gas development in international areas of mutual interest including the East Mediterranean."
The two companies last month announced a separate gas joint venture in Egypt.
Persons:
NewMed, Adnoc
Organizations:
Abu, Abu Dhabi National Oil Company, Tel, BP, CNBC
Locations:
Nasholim, DUBAI, United Arab Emirates, Abu Dhabi, Tel Aviv, Egypt