Adnoc decides BP is not the ‘right fit’

Buoyant company: BP CEO Auchincloss speaking during an oil summit in Houston. The company has an attractive set of assets including good growth opportunities in its upstream portfolio and a best-in-class trading business. — AFP

THE United Arab Emirates’ (UAE) state-owned oil company has considered buying Britain’s BP but the deliberations did not progress beyond preliminary discussions.

Abu Dhabi National Oil Company (Adnoc) ultimately decides BP will not be the right fit for its strategy, sources tell Reuters.