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The Abu Dhabi National Oil Co. (Adnoc) on Sunday signed two new strategic equity partnerships with Eni (Rome, Italy) and OMV (Vienna. Austria) covering both Adnoc Refining and a new trading joint venture (JV), which will be established by the three partners. In one of the largest ever refinery transactions, Eni and OMV will acquire 20% and 15% shares in Adnoc Refining respectively, with Adnoc owning the remaining 65%. The agreement values Adnoc Refining, which has a total refining capacity of 922,000 barrels/day, and which operates the fourth-largest single-site refinery in the world, at an enterprise value of $19.3 billion. The transaction is expected to close in the third quarter of this year, subject to customary closing conditions and regulatory approvals. As a further part and condition of this agreement, the partners will establish a trading JV, in which Eni and OMV will own 20% and 15%, respectively. Proceeds to Adnoc from the sale are estimated to be $5.8 billion, subject to completion adjustments. The transaction reflects the scale and growth potential of Adnoc Refining's assets, coupled with an advantageous location from which to supply markets in Africa, Asia, and Europe. Further value will be created from the new global trading JV, which, once established, will be an international exporter of Adnoc Refining's products, with export volumes equivalent to approximately 70% of throughput. Domestic supply within the UAE will continue to be managed by Adnoc. Adnoc says the partnerships will support the company as it evolves to become a leading global downstream player, by expanding refining and petrochemical operations at Ruwais and securing greater downstream global market share. Adnoc's petrochemicals subsidiary Borouge is based at Ruwais. Under the terms of the agreements, Adnoc, Eni, and OMV's trading JV will be incorporated at Abu Dhabi Global Markets. Physical and derivative trading will likely begin in 2020 when all necessary processes, procedures, and systems are in place. Once operational, the trading JV will help guide Adnoc Refining's activity and operational decision-making with the objective of expanding its global presence.