Skip Header
Important information: The value of investments can go down as well as up so you may get back less than you invest. Investors should note that the views expressed may no longer be current and may have already been acted upon. This is a third-party news feed and may not reflect Fidelity’s views.

BP and Adnoc agree Egyptian joint venture

(Sharecast News) - BP has agreed a new joint venture in Egypt with long-standing partner Adnoc, it was confirmed on Wednesday. Under the deal, BP will contribute its gas interests in three development concessions in the country, as well as exploration agreements. The Abu Dhabi-based firm will make a "proportionate" cash contribution, which will be used for future growth opportunities.

Once complete, BP will own 51% and Adnoc, which is wholly owned by Emirate of Abu Dhabi, will control the remaining 49%.

William Lin, executive vice president of regions, corporates and solutions at BP, said: "This dynamic JV offers a platform for international growth that advances our long-standing and strategic partnership with Adnoc that spans over five decades."

Musabbeh Al Kaabi, executive director at Adnoc, said the deal was a "significant step forward" in building the firm's international natural gas portfolio.

He continued: "This progressive joint venture partnership will enhance Egyptian energy security and the economic potential of the region's most populous Arab country."

The formation of the joint venture, which is subject to regulatory approval, is expected to complete in the second half of 2024. Financial details were not disclosed.

As at 1015 GMT, shares in BP were unchanged at 480p.

Share this article

Related Sharecast Articles

Eli Lilly weight-loss drug 'significantly' reduces sleep apnoea
(Sharecast News) - Eli Lily's weight-loss drug tirzepatide has been shown to "significantly" reduce sleep apnoea severity, the US drugs giant said on Wednesday.
Royal Mail-owner rebuffs takeover approach
(Sharecast News) - Shares in International Distribution Services soared on Wednesday, after it emerged that Czech billionaire Daniel Kretinsky had made a takeover approach for the Royal Mail owner.
Just Eat shares drop as Q1 orders disappoint
(Sharecast News) - Shares in Just Eat dropped sharply on Wednesday after the food delivery marketplace delivered underwhelming order numbers for the first quarter, though revenue growth picked up sharply in the UK and Ireland.
Tekcapital's Innovative Eyewear inks deal with US firm
(Sharecast News) - Intellectual property investor Tekcapital announced a fresh development from its portfolio company Innovative Eyewear on Wednesday, as the latter launched a strategic partnership with Windsor Eyes, a prominent eyewear manufacturing and distribution firm.

Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.

Award-winning online share dealing

Search, compare and select from thousands of shares.

Expert insights into investing your money

Our team of experts explore the world of share dealing.