Dubai: BP Plc and Abu Dhabi National Oil Co. have made a non-binding offer to take Israel’s NewMed Energy private.

The two companies plan to acquire NewMed’s free-floating shares and part of Delek Group Ltd.’s stake, which will result in BP and ADNOC holding 50 per cent of NewMed.

“ADNOC and BP intend to form a new joint venture that will be focused on gas development in international areas of mutual interest including the East Mediterranean,” they said.