Abu Dhabi - Mubasher: The Abu Dhabi National Oil Company (ADNOC) is in advanced talks to to sell minority stakes in its refining business.

Negositions are being held with a number of potential buyers, including ENI, the Italian oil and gas giant, Reuters reports.

ADNOC has started a sale process for a stake in its $20 billion refining business, which is expected to be split between two or more parties.

“ADNOC is looking for long term strategic partners that will contribute real value, such as: know how, differentiated technology, smart capital and market access,” according to a company spokesperson.