Abu Dhabi National Oil Company (Adnoc) is in talks with buyers as it attempts to sell shares in its refining business, according to a Reuters report.

The buyers include the Italian oil and gas company Eni, according to the report.

Adnoc’s sale of shares in its refining business follows on from several other moves designed to raise funds from existing assets. In December 2017, Adnoc raised $851m through the initial public offering (IPO) of its fuel distribution unit.

The company also sold 1.25 billion shares, 10 per cent of its share capital. The stock was listed on the Abu Dhabi Securities Exchange (ADX). It was the first IPO on the ADX in the last six years and the largest IPO in Abu Dhabi in a decade.

In November 2017, Adnoc announced that it was bringing all its subsidiaries under a single brand with a centralised governance structure as part of a wider effort to streamline its business model.

The oil company said the move came in line with its efforts to deliver a more profitable upstream as well as a more diversified downstream business.