The agreed terms for the 20% equity interest acquired by Eni include a cash price of approximately US$3.3 billion (based on an enterprise value of US$3.9 billion for Eni’s share).

As part of the transaction, Eni also agreed to establish a trading joint venture with the same shareholding interests as ADNOC Refining.

The deal is one of the largest ever refinery transactions and reflects the scale, quality, and growth potential of ADNOC Refining’s assets, coupled with an advantageous location from which to supply markets in Africa, Asia and Europe.

The Linklaters team was jointly led by Mark Russell (Partner, London) and Nicolas Edwards (Partner, Abu Dhabi).

UAE law assistance was provided by Motouk Bassiouny & Ibrahim local firm team led by Ahmed Ibrahim (Partner, Abu Dhabi). Eni’s HSE legal team was advised by

BonelliErede, led by Andrea Carta Mantiglia (Executive Chairman, Dubai), Marco De Leo (Partner, Dubai) and Riccardo Bordi (Partner, Genoa).

© Press Release 2019

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