ADNOC Takes 100% Control Of ADDCAP
The Abu Dhabi National Oil Company (ADNOC), which owns 75% of the capital of the Abu Dhabi Drilling Chemicals and Products Company (ADDCAP), has acquired the remaining 25% stake in ADDCAP from Baroid of the US. The takeover came into effect with the issue of Law No. 3 of 1996 by Shaikh Khalifah ibn Zayid Al Nuhayyan, Abu Dhabi's Crown Prince and Deputy Ruler. ADDCAP, which was established in 1975, produces drilling...