(MENAFN) A deal has been signed by Abu Dhabi National Oil Company (Adnoc) and Spanish oil and gas company Cepsa, offering a 20 percent stake Abu Dhabi's offshore SARB and Umm Lulu concession for the Spanish company.
State news agency WAM reported that Cepsa's resolution "underpins ADNOC's strategy to maximise returns from its resources, expand its downstream business, and retain value for the UAE."
Minister of State and ADNOC Group CEO Dr. Sultan bin Ahmad Sultan Al Jaber has signed the deal with Cepsa's Vice Chairman and CEO Pedro Miro.
The concession's under-construction key fields were confirmed to be both Umm Lulu and SARB, along with a couple of smaller fields that are Bin Nasher and Al-Bateel.
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