BP, ADNOC Eye Major Stake In Israel's NewMed Energy

by Shivani Kumaresan, Benzinga Staff Writer

March 28, 2023 11:40 AM | 1 min read | Make a Comment

Energy major BP plc BP, along with the UAE energy company ADNOC, has made a non-binding offer to take Israel’s NewMed Energy private.
The proposed acquisition, through an acquisition of the free float and partial purchase of Delek’s stake, would result in BP and ADNOC holding 50% of NewMed Energy.
Both parties intend to form a new joint venture that will be focused on gas development in international areas of mutual interest, including the East Mediterranean.
The deal is expected to strengthen strategic partnership between ADNOC and bp across oil and gas, hydrogen, and carbon capture and storage technology.
Price Action: BP shares are trading higher by 1.87% at $37.57 on the last check Tuesday.