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Germany’s Wintershall Dea is looking to sell its stake in a gas project owned by the Abu Dhabi National Oil Company (ADNOC), according to a Bloomberg report.
The company, a joint venture between chemicals giant BASF and LetterOne, the investment firm of Russian billionaire Mikhail Fridman, won a 10% stake in a 40-year concession of ADNOC’s Ghasha project in 2018.
The German company has already tapped an adviser to dispose of its minority stake in the Ghasha project, Bloomberg reported on Tuesday, citing unnamed sources.
Details of a potential deal with Thailand-based PTT Exploration & Production Pcl are reportedly being ironed out, although it remains uncertain whether a final agreement will be reached.
The multi-billion-dollar project is the world’s largest offshore sour gas development that will support the UAE’s goal to achieve gas self-sufficiency and meet growing demand for liquefied natural gas (LNG) exports.
The development is expected to produce more than 1.5 billion standard cubic feet of natural gas per day when it comes onstream, supplying electricity that can power more than two million homes in the country.
(Writing by Cleofe Maceda; editing by Seban Scaria)
