ADNOC, the state-owned oil company of the United Arab Emirates, and bp, an oil and petrochemicals company, agreed to form a $1.98bn joint venture. “This dynamic JV offers a platform for international growth that advances our longstanding and strategic partnership with ADNOC that spans over five decades. Together, we will build on the 60 years of safe and efficient operations of bp and its partners in Egypt, and continue to produce and deliver secure, lower-carbon energy in the form of natural gas to the country,” William Lin, bp Executive Vice President.