Deals
Eni Caps Deals Spree With Stake in World's 4th-Biggest Refinery
- Italian firm to invest $3.3 billion in Adnoc processing unit
- Eni’s first non-European refining deal lifts capacity by 35%
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After months of courting oil officials in Abu Dhabi, Claudio Descalzi got his prize: a stake in the world’s fourth-largest oil processing plant.
The chief executive officer of Rome-based Eni SpA has sunk billions of dollars into three oil and gas production and exploration concessions in Abu Dhabi since March. But on frequent visits to the United Arab Emirates -- at least three since November -- he repeatedly expressed interest in a piece of Abu Dhabi National Oil Co.’s 922,000 barrel-a-day refining business.