Abu Dhabi National Oil Co. (Adnoc) is in talks to acquire stakes in refineries operated by units of Thailand’s PT T Pcl and Nigeria’s Dangote Refinery, according to people familiar with the matter. The potential deals would include crude supply contracts and fuel supply agreements and grant Adnoc access to refined products for resale, aiming to secure customers for its crude and expand its global fuel trading business. A deal with PT T could be announced later this year.

Adnoc is also discussing a stake in Dangote’s Africa’s largest refinery in Nigeria, which is planning an east African expansion. Senior executives at Dangote confirmed receiving approaches from major players but declined to comment on Adnoc specifically. Adnoc and PT T did not respond to requests for comment.

The move marks a strategic shift for Adnoc, which has historically relied on its Ruwais facility — one of the world’s largest processors — to supply fuels globally. Now, it seeks to diversify beyond the Persian Gulf, especially amid Middle East supply disruptions via the Strait of Hormuz. Overseas refinery investments would complement Adnoc’s broader international push, including XRG’s gas asset deals from the US to Africa and Central Asia, the Covestro AG acquisition, and Adnoc Distribution’s purchase of Shell’s South African fuel retail operations.

Saudi Aramco, Adnoc’s regional rival, already holds major international refining stakes, including Motiva in the US and Chinese plants. For Adnoc, Thai refineries processing heavier crudes align well with Abu Dhabi’s offshore oil grades, and its trading arm could source crude from Iraq or elsewhere to feed these facilities. Adnoc also eyes downstream opportunities in India, where prior efforts — including a failed 2018 attempt to piggyback on a Saudi Aramco deal for Reliance Industries Ltd.’s refining stake — have stalled.

A potential east African refinery deal with Dangote might include stakes in a crude pipeline linking the planned Lamu refinery to Kenyan oil fields. Adnoc has previously traded Nigerian crude and sold fuels to Kenya and Ethiopia.