On 27 January in Abu Dhabi the CEOs of Italy’s ENI and Austria’s OMV signed a refining and trading deal with the Abu Dhabi National Oil Company (ADNOC). Italian PM Giuseppe Conte and Austrian Financial Minister Hartwig Löger also attended the signature ceremony. The European Oil Companies paid $5.8 billion in order to obtain part of the Emirati society (ENI will obtain 20% and OMV 15%). The deal will permit ADNOC to increase its connections with the European market, ENI to continue its diversification away from Africa and OMV to have a downstream oil business outside Europe. ADNOC, that will own 65%, has a total refining capacity of 922,000 barrels per day and thanks to the deal it can receive some important transfer of knowledge from the European partners.