UAE oil giant adnoc enters the fight

UAE oil giant adnoc has joined PPvery revered assets like Speculation of the absorption For the first time for the combat energy.

It is believed that the national oil company Abu Dhabi weighs the move on some assets of the firm, which lists London, in case a large oil large figure or seeking to deprive more units, Bloomberg reported On Wednesday, referring to unnamed sources, familiar with this question.

Adnoc is justify The most interested in the assets of the BP (SPG), although, is said to be a complete absorption of the company. Bloomberg realizes that any promising deal is likely to take place through the Adnoc, XRG international unit.

BP, Adnoc and XRG press -secretaries refused to comment on the CNBC.

The prolonged lack of productivity compared to peers in the industry included BP in the focus as a candidate for main work. British competitor Shellas well as American oil giants Exxon Mobil and ChevronThey include some names that have been advertised as possible grooms.

Any potential transaction between Adnoc and BP is considered so far from the completion of the dead, but analysts note that both companies share long -standing relationships in hydrocarbons and renewable sources, first and foremost In Abu -Dabi And most recently In Egypt.

Former CEO BP Bernard Luni who left the company After less than four years of work in September 2023, he sits on the XRG board together with the Adnoc CEO of the Sultan al-jaber.

Mauricio Caruli, analyst Global Energy and Materials in Quilter Cheviot, said the alleged interest of ADNOC in some assets of the VR is “significant” development and is expected to be given that Adnoc is growing, rich in money, which seeks to expand further on the gas.

“Given this, it seems unlikely that Adnoc will consider a complete application for BP as a whole if the company is not strategically interested in BP oil assets. But several other listed oil specialties,” CNBC Carulli said.

“The discrete assets of BP, both up and down the current, undoubtedly record great interest in a number of both energy and private players,” he added.

Last month BP is reportedCrown precious stones“His portfolio.

Energy companies including Indian Reliance Industries and Saudi Arabia, Arak’s Oil Hippo, and Private Apollo Global Management and Lone Star Fund stocks were previously advertised as a Castrol BP unit – Bloomberg reported On May 28, with reference to people acquaintance with this question.

CNBC has contacted companies that have been considered by the Castrol unit BP.

BP seeks to reflect on the promising absorption by restoring investors’ trust. The company launched Fundamental strategic reset Earlier in the year, and despite the weaker than expected, the profits in the first quarter, CEO Murray Auchinklos stated CNBC in late April that the firm was “to a great start‘In delivery in his new direction.

BP stock has stabilized in recent weeks after a sharp drop in early April as The instability of war trading Pumped financial markets. The stock price decreased by more than 4% to date.

Allen Hood, Director of Studies in Morningstar, said it is unlikely that the BP would be ready to share significant works of his portfolio at the top, given the recent green firm strategy to double in hydrocarbons.

As part of the BP strategic reset company company announced Plans to increase annual oil and gas costs up to $ 10 billion by 2027, while reducing renewable energy costs. It is also aimed at $ 20 billion in the coming years.

“The pressure of the activist was more at the extra cost and the reduction of capital, not necessarily the main reason.

For XRG which adnoc launch Last year, reports that are interested in some BP assets come when the investment company is looking for gas and chemical assets to help it reach the cost of $ 80 billion.

“We strive to ensure long-term value for our stakeholders and strengthen Abu Dhabi and the UAE role as a global energy leader and chemicals,” said Adnoc al-Jaber at the time.

Rus Mold, Investment Director AJ Bell, said any potential operations between Adnoc and BP are likely to be tough and each side seeks to protect its own interests.

“BP is under pressure to reach its debt reducing, by improving organic monetary and asset disposal,” Mold CNBC said.

“ADNOC will know good about it, and the way it can be interested in the control of BP and therefore will look to lead to this process, if it is really interested in some BP assets,” he added.