DUBAI, Oct 4 (Reuters) - Abu Dhabi National Oil Co (ADNOC) said on Tuesday it planned to consolidate theoperations of Abu Dhabi Marine Operating Co (ADMA-OPCO) andZakum Development Co (ZADCO) into a single new company.
"The consolidation is expected to yield significantfinancial and operational benefits," ADNOC said in a statement.
"The new company resulting from this integration will bemore agile, better able to respond to changing market demands,and be well positioned to take advantage of strategicopportunities for future growth."
Yaser al-Mazrouei, current chief executive of ADMA-OPCO, isbeing appointed as joint chief executive of ADMA-OPCO and ZADCO.The consolidation process is expected to be concluded by early2018, ADNOC said. (Reporting by Rania El Gamal; Editing by Andrew Torchia)
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