UAE's ADNOC forms new international investment arm

December 23, 2015 11:25 AM

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ABU DHABI Dec 23 Abu Dhabi National Oil Co (ADNOC) plans to set up an international arm to invest in oil and gas firms abroard, the al-Ittihad newspaper reported on Wednesday citing the official gazette.

The new firm ADNOC International Limited, formed after legislation from the UAE's president, will be capitalised at $1 billion. It will be independent from the mother company but fully owned by ADNOC and will be based in the UAE's capital Abu Dhabi.

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