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BP and ADNOC have offered to jointly acquire 50% of NewMed Energy, an Israeli offshore natural gas producer, for around $2 billion. ADNOC and BP said they intend to form a new joint venture as part of the deal that will be "focused on gas development in international areas of mutual interest including the East Mediterranean." The offer is also a sign of the strengthening economic links between Israel and the United Arab Emirates since the two countries agreed to normalize ties in 2020.

BP and ADNOC offer to buy 50% of Israel’s NewMed Energy

BP and ADNOC have offered to jointly acquire 50% of NewMed Energy, an Israeli offshore natural gas producer, for around $2 billion. ADNOC and BP said they intend to form a new joint venture as part of the deal that will be “focused on gas development in international areas of mutual interest including the East Mediterranean.” The offer is also a sign of the strengthening economic links between Israel and the United Arab Emirates since the two countries agreed to normalize ties in 2020.

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