UAE’s ADNOC to sell at least 10 percent of fuel distribution in IPO

Image of ADNOC tower in Abu Dhabi. (Shutterstock)

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.

 

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Last Update: Wednesday, 20 May 2020 KSA 09:55 - GMT 06:55
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