Home / Business / Abu Dhabi’s Adnoc to sell up to 20% of fuel-station unit in IPO
FILE PHOTO: Logos of ADNOC are seen at Gastech, the world's biggest expo for the gas industry, in Chiba, Japan, April 4, 2017. REUTERS/Toru Hanai/File Photo

Abu Dhabi’s Adnoc to sell up to 20% of fuel-station unit in IPO

Abu Dhabi National Oil Co. (Adnoc) plans to sell as much as a fifth of its distribution unit via an initial public offering on the local stock exchange.

The state-owned crude producer will offer 1.25 billion to 2.5 billion shares of its fuel-station business on the Abu Dhabi Securities Exchange, it said in an advertisement published in Gulf News on Monday.

The price range for the sale will be announced on Nov. 26.

With global crude prices at about half of their 2014 average, energy companies and state producers alike are seeking to trim costs and boost efficiency.

Adnoc pumps most of the crude in the United Arab Emirates, a member of the Organization of Petroleum Exporting Countries that accounts for about 6 percent of global reserves.

The proposed share offering follows Emaar Properties raising $1.3 billion from the IPO of its unit in Dubai earlier this month.

Adnoc may seek a valuation of $10 billion to $14 billion for the distribution unit, people familiar with the matter said earlier this month.

Source: Gulf News

Check Also

Iran condemns American hypocrisy over nuclear technology

Iranian Foreign Minister Mohammad Javad Zarif said the United States’ sale of nuclear technology to …

Leave a Reply

Your email address will not be published. Required fields are marked *

%d bloggers like this: