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UAE's ADNOC to Sell at Least 10% of Fuel Distribution Business in IPO

Source: Reuters 11/13/2017, Location: Middle East

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Abu Dhabi National Oil Company (ADNOC) aims to sell at least 10 percent of its fuel distribution unit in an initial public offering in Abu Dhabi, as Gulf states step up plans to privatize energy assets in an era of cheap crude.

At the holding company level, ADNOC will continue to be owned by the Abu Dhabi government, said ADNOC CEO Sultan Ahmed al-Jaber at an energy conference.

ďThe IPO of ADNOC Distribution represents an important milestone in this new approach and is a natural evolution for the growth and expansion of this exciting retail-focused business,Ē al-Jaber said.

The ADNOC statement confirms a Reuters story in September that said the company could list more than 10 percent of its fuel retail business.

The transformation of ADNOC is also seen as part of an economic reform drive led by Abu Dhabiís Crown Prince Sheikh Mohammed bin Zayed Al Nahyan.

ADNOC produces some 3 million barrels of oil per day, or around 3 percent of global production. It also produces more than 9.8 billion cubic feet of raw gas per day, placing it among the largest energy producers in the world.

ADNOC Distribution is the leading fuel distributor in the United Arab Emirates with an approximately 67 percent market share by number of retail fuel service stations, which stood at 360 by end of September.

Citigroup, First Abu Dhabi Bank , HSBC and Bank of Merrill Lynch are joint global coordinators for the offering and also bookrunners alongside EFG Hermes , Goldman Sachs and Morgan Stanley. Rothschild & Co is the financial adviser.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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