According to Reuters, ADNOC  listed 10 percent of its fuel distribution business last year and aims to expand its downstream business abroad and started a sale process for a stake in its $20 billion refining business, which the sources said it was likely to split between two or more parties.

One said that ADNOC would favor companies it already has partnerships with, including ENI and Austrian oil and gas group OMV.

OMV works with ADNOC on a number of projects, including a 40-year agreement for a 20 percent stake in the SARB and Umm Lulu offshore oil concession. ENI has a 10 percent stake in its Umm Shaif and Nasr offshore oil concession and a 5 percent stake in Lower Zakum.

A second round of offers is expected to be presented as soon as next week, when the Gulf returns from a religious holiday, the sources said.

“ADNOC is looking for long term strategic partners that will contribute real value, such as: know how, differentiated technology, smart capital and market access,” an ADNOC spokesman said.

An ENI spokesman said the company does not comment on market rumors. OMV was not immediately available to comment.

ADNOC has partnerships with France’s Total and PetroChina, among others.

ENI, the biggest foreign oil producer in Africa, is looking to build its presence in the Middle East to diversify risk and take advantage of business opportunities in the oil-rich region.

Saudi oil giant Aramco has announced plans to sell shares of the company and was in advanced stages of the IPO of Aramco on the world market before Reuters announced last week that Aramco had stopped selling its shares without giving any reasons for that.

Observers believe that the Yemeni army's strikes on Aramco and Saudi Arabia in response to the continued aggression against Yemen are the main reason for this loss in Saudi Arabia.