ADNOC has sold a 35% stake in its refining business to Eni and OMV in a deal valued at US$5.8 billion. Eni acquired a larger stake, 20%, for US$3.3 billion, whilst OMV took 15%, valued at US$2.5 billion. ADNOC will retain 65%. The deal likely commits Eni and OMV to contribute capex for Ruwais' future development. It's clear, from the size of the investment, that both companies see a platform for material growth at the site, and in strategic partnership with ADNOC.