Abu Dhabi Oil Company to Merge 2 Offshore Divisions in UAE

October 4, 2016 3:24 PM

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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.

Also read: Oil prices hold gains after surge on OPEC output deal

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