Reported 5 months ago
ADNOC, the United Arab Emirates' main oil company, has agreed to acquire a 10% stake in a natural gas project in Mozambique from Galp Energia SGPS SA for $650 million, with potential additional payments of up to $500 million. This move marks ADNOC's second significant deal of the week as part of its global expansion strategy. The agreement gives ADNOC a share in the LNG supply, aligning with its future growth plans. Additionally, this acquisition reflects the UAE's efforts to increase its influence in Africa, following previous investments in Egypt and other regions.
Source: YAHOO