Abu Dhabi National Oil Company (ADNOC) plans to sell at least 10 percent of its stake in its fuel distribution unit in an initial public offering next month, the company said on Monday.
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
The listing, which will be on the Abu Dhabi bourse, comes as Abu Dhabi and other Gulf states seek to privatize energy assets as revenues are squeezed by lower oil prices.
- Abu Dhabi’s ADNOC starts investor meetings ahead of planned $3 bln bond
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- ADNOC in ‘advanced discussions’ over offshore oil stakes
- Adnoc hires banks for fuel retailer IPO - sources
- Goldman, JPMorgan, HSBC vie for lead roles in listing UAE’s ADNOC unit