Abu Dhabi National Oil Company's (ADNOC) Logistics and Services unit is currently holding discussions to potentially purchase a stake in UAE-based HEA Energy, which would value the latter at up to $3 billion, the Wall Street Journal reported on Monday.
Sources told the media outlet that Adnoc's unit is considering either acquiring a large minority or a controlling stake in HEA, with the negotiations advancing. Nonetheless, the sources added that nothing has been decided yet and that there is still a possibility that a potential agreement could fall through.
In the second quarter, Adnoc's logistics arm posted a net profit of $951 million, fourfold higher than in the same period a year ago.
https://breakingthenews.net/Article/Adnoc-Logistics-might-acquire-stake-in-HEA/67279623
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