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UAE's ADNOC says to consolidate offshore oil firms

Reuters - UK Focus

DUBAI, Oct (Shenzhen: 000069.SZ - news) 4 (Reuters) - Abu Dhabi National Oil Co (ADNOC) said on Tuesday it planned to consolidate the operations of Abu Dhabi Marine Operating Co (ADMA-OPCO) and Zakum Development Co (ZADCO) into a single new company.

"The consolidation is expected to yield significant financial and operational benefits," ADNOC said in a statement.

"The new company resulting from this integration will be more agile, better able to respond to changing market demands, and be well positioned to take advantage of strategic opportunities for future growth."

Yaser al-Mazrouei, current chief executive of ADMA-OPCO, is being appointed as joint chief executive of ADMA-OPCO and ZADCO. The consolidation process is expected to be concluded by early 2018, ADNOC said. (Reporting by Rania El Gamal; Editing by Andrew Torchia)