DUBAI, United Arab Emirates (AP) — The United Arab Emirates' main state oil company is combining two major offshore divisions as it streamlines its operations amid a slump in oil prices.
The Abu Dhabi National Oil Company, or ADNOC, said Tuesday it will lump the Abu Dhabi Marine Operating Company and the Zakum Development Company into a single new firm.
ADNOC CEO and Emirati Minister of State Sultan al-Jaber says the move comes as the company focuses on "driving efficiency, performance and profitability."
Abu Dhabi holds the bulk of the oil wealth in the seven-state Emirates federation, one of OPEC's largest crude producers.
ADNOC has a 60 percent stake in both offshore divisions. Foreign oil companies hold minority stakes.