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Tags: ML | Emirates | Oil

Abu Dhabi Oil Company to Merge 2 Offshore Divisions in UAE

Tuesday, 04 October 2016 12:22 PM

DUBAI, United Arab Emirates (AP) — The United Arab Emirates' main state oil company is combining two major offshore divisions as it streamlines its operations amid a slump in oil prices.

The Abu Dhabi National Oil Company, or ADNOC, said Tuesday it will lump the Abu Dhabi Marine Operating Company and the Zakum Development Company into a single new firm.

ADNOC CEO and Emirati Minister of State Sultan al-Jaber says the move comes as the company focuses on "driving efficiency, performance and profitability."

Abu Dhabi holds the bulk of the oil wealth in the seven-state Emirates federation, one of OPEC's largest crude producers.

ADNOC has a 60 percent stake in both offshore divisions. Foreign oil companies hold minority stakes.

© Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


MiddleEast
The United Arab Emirates' main state oil company is combining two major offshore divisions as it streamlines its operations amid a slump in oil prices.The Abu Dhabi National Oil Company, or ADNOC, said Tuesday it will lump the Abu Dhabi Marine Operating Company and the...
ML,Emirates,Oil
118
2016-22-04
Tuesday, 04 October 2016 12:22 PM
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