Abu Dhabi National Oil Company (ADNOC) is considering acquiring European energy company Wintershall Dea, reported Bloomberg, citing sources.

The Middle East oil and gas giant has been exploring a proposal as part of plans to expand international operations, sources said.

Wintershall Dea could be valued at more than €10bn ($11bn) in any agreement.

According to the sources, other interested parties include UK-listed Harbour Energy.

German chemical company BASF, which owns a 73% stake in Wintershall Dea, has hired advisers to explore the sale of the oil and gas company.

Russian billionaire Mikhail Fridman-backed investment company LetterOne owns the remaining 27% shares in Wintershall Dea.

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By GlobalData

ADNOC has been actively seeking a number of acquisitions to diversify its business and grow internationally.

The United Arab Emirates Government-backed energy major is finalising an agreement with Austria’s OMV to establish a petrochemical company valued at more than €30bn (Dh120.19bn).

Separately, it is holding talks to buy Covestro, a German chemicals company, and Brazilian petrochemical major Braskem.

Any deal is unlikely to happen until the following year because Wintershall Dea’s exit from Russia is yet to receive approval from the Russian Government, the sources said.

ADNOC and Harbour Energy representatives refused to comment on the development and requests for comment did not elicit a response from BASF and Wintershall Dea.

Wintershall Dea announced plans to quit Russia in January in the wake of war in Ukraine, but the process is complicated.

In July, Wintershall Dea CEO Mario Mehren said “obstacles are getting bigger and bigger” for Wintershall Dea to dispose of its stakes in Russian assets it co-owns with Gazprom.

With the exit, Wintershall Dea will essentially lose 50% of its output and 60% of its reserves.

However, it has assured investors that its non-Russian operations were strong to alleviate concerns that the damage of its departure from Russia would be too serious.