Abu Dhabi oil company to merge 2 offshore divisions in UAE

DUBAI, United Arab Emirates (AP) " The United Arab Emirates' main state oil company is combining two major offshore divisions as it streamlines its operations amid a slump in oil prices.

The Abu Dhabi National Oil Company, or ADNOC, said Tuesday it will lump the Abu Dhabi Marine Operating Company and the Zakum Development Company into a single new firm.

ADNOC CEO and Emirati Minister of State Sultan al-Jaber says the move comes as the company focuses on "driving efficiency, performance and profitability."

Abu Dhabi holds the bulk of the oil wealth in the seven-state Emirates federation, one of OPEC's largest crude producers.

ADNOC has a 60 percent stake in both offshore divisions. Foreign oil companies hold minority stakes.

This story has been automatically published from the Associated Press wire which uses US spellings

Get the news delivered straight to your inbox

Receive the day’s news, sport and entertainment in our daily email newsletter


© Copyright 2016, NZME. Publishing Limited

Assembled by: (static) on production apcf03 at 25 Oct 2016 12:20:59 Processing Time: 548ms