Two of the Middle East’s largest oil companies are scaling back their multibillion-dollar acquisition sprees as expectations of a sustained drop in oil revenues curb their global dealmaking.
Saudi Aramco, the world’s number-one crude producer, and Abu Dhabi National Oil Company, known as Adnoc, have been the industry’s most active buyers over the past three years, announcing more than $60bn of acquisitions to expand into gas, chemicals and lubricants.
But advisers and people familiar with their thinking said the Gulf energy giants had now slowed their M&A activities to reassess, as the impact of lower oil prices starts to bite.
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