Adnoc targets Mubadala’s energy assets

State-owned Abu Dhabi National Oil Company (Adnoc) is reportedly considering acquiring the energy assets of Mubadala Investment Company, one of the emirate’s sovereign wealth funds.

Talks between the two companies, which stalled over valuation, are expected to resume soon, possibly after the end of Ramadan, Bloomberg reported, citing informed sources.

The deal was previously valued at $10 billion. The report said Adnoc and Mubadala executives, as well as Abu Dhabi leaders, want to strike a deal.

Mubadala has oil and gas investments in Thailand, Indonesia, Malaysia and Oman. It also holds a majority stake in Dolphin Energy.

If the deal is achieved, the $330-billion Mubadala will focus on healthcare, finance and technology, while the energy assets will support Adnoc’s growth in the oil and gas sector.

• Adnoc targets foreign listing of investment arm XRG
• Mubadala-Alpha Dhabi JV raises credit target by 150%
• Mubadala buys stake in Germany’s Apleona

Last month, the new global polyolefins group proposed by Adnoc and Austria’s OMV will try to acquire Canada’s Nova Chemicals from Mubadala Investment Company.

In October 2024, Adnoc agreed to buy German chemicals producer Covestro for €15.9 billion ($18 billion), including debt, representing its largest acquisition to date.