SBUX - Geopolitical Unrest Halts BP Adnoc's $2B Bid For Israeli Gas Firm | Benzinga
International oil group BP plc (NYSE:BP) and the Abu Dhabi National Oil Company have suspended talks in their joint bid to buy a stake in Israeli gas company NewMed Energy.
U.K.-based BP and the United Arab Emirates state-owned ADNOC were negotiating the $2 billion purchase of a 50% stake in the Israeli oil and gas exploration and production company.
According to a statement by NewMed: “The Committee and Consortium have agreed, due to the uncertainty created by the external environment, to suspend discussions in relation to the proposed transaction.”
NewMed added that the process would remain suspended until discussions either resume or are terminated.