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Panel reviewing BP, ADNOC offer for Israel’s NewMed seeks higher price -sources

Tuesday, 03 October 2023 | 00:00

A panel reviewing a $2 billion offer by Abu Dhabi’s national oil company and BP BP.L to acquire a 50% stake in Israeli gas producer NewMed NWMDp.TA has recommended raising the asking price by over 10%, casting doubt over the deal, sources said.

The proposed acquisition by Abu Dhabi National Oil Co (ADNOC) and BP was seen as a sign of the strengthening economic links between Israel and the United Arab Emirates since the two countries agreed to normalise ties in 2020.

The independent panel of three members was set up by NewMed after the proposed deal was announced in March to examine the terms of the $2 billion offer and seek competing bids.

The panel however did not receive any other offers, according to several sources close to the matter.

Following its deliberations, the panel recommended upping the asking price by 10% to 12%, or roughly up to $250 million, due to the rally in oil and gas prices as well as the depreciation of the Israeli currency in recent months, the sources, who asked not to be named as the matter is private, said.
Source: Reuters (Reporting by Ron Bousso; Editing by Sharon Singleton)

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