Abu Dhabi’s Adnoc is in advanced talks with more than one potential buyer for minority stakes in its refining business, according to a Reuters report citing two sources familiar with the matter. One said that Adnoc would favor companies with which it already has partnerships, including Austria’s OMV and Italy’s Eni. Both have interests in Abu Dhabi upstream concessions, while OMV partners Adnoc in the Borouge petchems joint venture.

Adnoc operates three refineries with a...