The United Arab Emirates’ state-owned oil company, the Abu Dhabi National Oil Company, or ADNOC, recently considered buying BP, but the deliberations did not progress beyond preliminary discussions as ADNOC ultimately decided BP would not be the right fit for its strategy, three people familiar with the matter told Reuters. Political considerations also weighed on the potential move for the British oil company, one of the sources said, according to Reuters’ Sarah McFarlane, Anousha Sakoui and Ron Bousso.
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