By Nathan Allen

Austria's OMV AG (OMV.VI) said Wednesday that it has closed a deal with Abu Dhabi National Oil Co. and Eni SpA (ENI.MI) to set up a new trading operation and take a stake in Adnoc's refining business.

Under the terms of the deal, which was first disclosed in January, OMV has paid $2.43 billion for a 15% stake in Adnoc's refining business, while Eni has paid $3.24 billion for a 20% stake.

The three companies will set up a trading joint venture to export Adnoc's refined products, which is set to begin operations in 2020, OMV said.

The deal boosts OMV's refining capacity by 40%, and its capacity to produce olefins--a type of petrochemical--by 10%.

Write to Nathan Allen at nathan.allen@dowjones.com

(END) Dow Jones Newswires

July 31, 2019 04:20 ET (08:20 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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