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Market Chatter: Adnoc Seeks Stakes in Refineries in Thailand, Nigeria

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Abu Dhabi National Oil is seeking stakes in refineries run by Thailand's PTT and Nigeria's Dangote, to boost crude exports and expand fuel trading, Bloomberg reported Monday, citing people familiar with the matter.

A deal with PTT could reportedly be announced toward the end of the year, possibly giving Adnoc additional customers for its crude while giving it access to refinery petroleum products that it can sell to other buyers.

The Middle Eastern company is also discussing potential stakes in the 650,000-barrel-per-day Dangote refinery in Africa, as it moves to expand its international refining business, Bloomberg reported.

Adnoc, which has recently closed international energy deals through its investment arm XRG, did not immediately respond to' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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