BP strikes deal with UAE oil giant in Middle East expansion

BP strikes deal with UAE oil giant in Middle East expansion

BP has struck a deal with the UAE’s state-owned oil company as the British energy giant deepens ties to the Middle East.

BP is to form a joint venture with the Abu Dhabi National Oil Company (Adnoc) focused on production from two massive Egyptian gas fields. Under the deal, BP will transfer interests in three gas fields to the joint venture as well as exploration rights.

Adnoc will put cash into the joint venture, which will be formed in the second half of this year. A key aim is to raise funds for BP to further expand in the Middle East. Adnoc is run by Dr Sultan Ahmed al-Jaber, the UAE’s energy minister, who last year chaired the Cop28 climate summit. Critics said it was inappropriate for a fossil fuel executive to be overseeing the talks.

The BBC claimed the UAE planned to use the UN gathering to discuss oil and gas deals, an allegation Dr Jaber said was “false, not true, incorrect and not accurate”. Dr Jabar is also the chairman of UAE media company IMI, which is providing the bulk of the funding for a £1.2bn takeover bid for The Telegraph.

Read more: telegraph.co.uk

Photo: unsplash.com

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