BP to take 10% stake in ADCO oil con­ces­sion

Kuwait Times - - BUSINESS -

DUBAI: BP will take a 10 per­cent stake in Abu Dhabi’s ADCO on­shore oil con­ces­sion for 40 years un­der a deal signed yes­ter­day with Abu Dhabi’s Supreme Pe­tro­leum Coun­cil and the Abu Dhabi Na­tional Oil Com­pany (ADNOC), the lat­ter said. Un­der the deal signed in Abu Dhabi, BP agreed to is­sue new or­di­nary shares rep­re­sent­ing ap­prox­i­mately 2 per­cent of its is­sued share cap­i­tal (ex­clud­ing trea­sury shares) which are to be held on be­half of the Abu Dhabi govern­ment, ADNOC said in a state­ment. France’s To­tal also holds a 10 per­cent stake while Ja­pan’s INPEX Cor­po­ra­tion has a 5 per­cent stake and GS En­ergy of South Korea has a 3 per­cent stake, ADNOC said. “ADNOC con­tin­ues to look for part­ners to take up the re­main­ing 12 per­cent stake of the 40 per­cent ear­marked for for­eign part­ners,” the state­ment said.

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