The United Arab Emirates’ state-owned oil and gas company and British Petroleum (BP) announced on Tuesday an offer to buy a stake in a major Israeli energy firm. The offer demonstrates the UAE’s continued interest in the Israeli gas sector despite political tensions.
BP and Abu Dhabi National Oil Company (ADNOC) made a nonbinding offer to take Israel’s NewMed Energy private and purchase 50% of the company. The offer is consistent with BP’s plans to expand in the eastern Mediterranean where NewMed Energy operates. BP and ADNOC are planning to form a joint venture in the region, BP said in a press release.