Eni: agreements with ADNOC in Refining and Trading as part of the strategic partnership have been completed

Eni and ADNOC, the national oil company of Abu Dhabi, today completed the strategic partnership announced last January, through which Eni acquired the 20% stake in ADNOC Refining. The partners of the transaction, which also include the Austrian company OMV (15%), also set up a joint venture dedicated to the marketing of petroleum products.

ADNOC Refining refines over 922 thousand barrels of crude oil a day at its refineries located in Ruwais and Adbu Dhabi. The transaction is one of the largest ever made in the refining sector and reflects the size, quality and growth potential of ADNOC Refining assets. The Ruwais refining complex, in particular, is the fourth largest in the world and is the subject of further expansion and integration, in order to develop the largest refining and petrochemical site in the world. Through these expansion operations, ADNOC is destined to become a global leader in the downstream sector.

The final amount paid by Eni for the operation is approximately 3,24 billion dollars. ADNOC, Eni and OMV have set up the new Joint Venture dedicated to the marketing of petroleum products at the Abu Dhabi Global Market with the same allocation of shares reached in ADNOC Refining. The trading activities will be started in the 2020, when the processes, procedures and systems needed to carry out the operations will be finalized. Eni and OMV will contribute with their respective competences, operational experiences and support activities to accelerate as much as possible the development of the Joint Venture, allowing ANDOC and its partners to optimize their systems and manage their product flows at international level.

The agreements completed today are evidence of the solidity of the partnership between Eni and ADNOC.

Through the transaction, Eni completes its entry into the downstream sector of the United Arab Emirates (UAE) and increases its refining capacity by 35%. The transaction is part of Eni's strategy aimed at geographically diversifying its overall portfolio and making it increasingly balanced along the value chain.

Eni is present in the upstream sector of the United Arab Emirates from March 2018, when it was awarded by ADNOC the 10% of the concessions of Umm Shaif and Nasr and the 5% of that of Lower Zakum, followed in November of the same year from the assignment 25% of the concession of Ghasha, mega offshore project of ADNOC. The 12 last January, Eni was awarded the 70% in the offshore exploration concessions called Block 1 and Block 2.

Eni in the Middle East, as well as in the United Arab Emirates, is also present in Oman, Bahrain, Lebanon and Iraq.

Eni: agreements with ADNOC in Refining and Trading as part of the strategic partnership have been completed

| Economics |