UAE's ADNOC plans to sell stakes in refinery business

UAE-based Abu Dhabi National Oil Co. (ADNOC) is reportedly planning to sell a minority stake in its refining business.

The oil giant is negotiating with potential stakeholders, including Italy’s ENI, according to a Reuters report.

Faced with growing competition in the oil exploration sector, especially from new producers such as U.S. shale firms, the government-owned entity has been refocusing on its overall business strategy for the last couple of years. This includes listing 10 percent of its fuel distribution business last year, and plans to expand its downstream business abroad.

The latest step to sell its stake in the $20 billion refining business is likely to split between two or more parties, the report added.