BP, ADNOC plan to buy 50% of Israel’s NewMed Energy

British energy company BP and Abu Dhabi National Oil Co. (ADNOC) have made a non-binding offer to take Israel’s NewMed Energy private in a deal worth around $2 billion, according to BP’s statement on Tuesday.

The two companies intend to form a new joint venture that will be focused on gas development in international areas of mutual interest including the East Mediterranean.

The firms plan to acquire 50 percent of NewMed by buying the roughly 45 percent of its stock that’s free floating and part of Delek Group’s stake.

The report mentioned this would strengthen the broader strategic partnership between ADNOC and BP across oil and gas, hydrogen and carbon capture and storage technology and would deepen the partners’ long-standing relationship.