ADNOC Considers Buying UAE Sovereign Fund’s Energy Assets

Abu Dhabi National Oil Company (ADNOC) has launched talks to potentially buy the energy assets of the UAE’s sovereign wealth fund in a deal that could be worth about $10 billion, sources familiar with the plans told Bloomberg on Friday. ADNOC – which has recently reshuffled shareholdings, listed some subsidiaries, and created an $80-billion investment firm for gas, chemicals, and low-carbon energy – started late last year talks with Mubadala Investment Company, the sovereign wealth fund of the UAE managing a diverse portfolio…