 |
Louisiana Light • 2 days | 87.12 | +0.03 | +0.03% | ||
|
Bonny Light • 23 hours | 88.87 | +0.67 | +0.76% | ||
|
Opec Basket • 2 days | 86.51 | -1.01 | -1.15% | ||
|
Mars US • 172 days | 77.26 | -1.51 | -1.92% | ||
|
Gasoline • 1 hour | 2.721 | -0.005 | -0.17% |
|
Bonny Light • 23 hours | 88.87 | +0.67 | +0.76% | ||
|
Girassol • 23 hours | 89.45 | +0.81 | +0.91% | ||
|
Opec Basket • 2 days | 86.51 | -1.01 | -1.15% |
|
Peace Sour • 22 hours | 75.10 | -0.32 | -0.42% | ||
|
Light Sour Blend • 22 hours | 78.15 | -0.32 | -0.41% | ||
|
Syncrude Sweet Premium • 22 hours | 85.10 | -0.32 | -0.37% | ||
|
Central Alberta • 22 hours | 75.50 | -0.32 | -0.42% |
|
Eagle Ford • 2 days | 79.33 | -0.29 | -0.36% | ||
|
Oklahoma Sweet • 5 days | 79.75 | +0.50 | +0.63% | ||
|
Kansas Common • 2 days | 73.00 | -0.50 | -0.68% | ||
|
Buena Vista • 5 days | 87.31 | +0.41 | +0.47% |
Breaking News:
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UAE’s ADNOC Studies Banking Majors For IPO Release
The Abu Dhabi National Oil Company (ADNOC), the state-held oil company of the United Arab Emirates (UAE), is studying proposals from Goldman Sachs, JPMorgan, HSBC, and First Abu Dhabi Bank to have lead roles in the potential listing of ADNOC’s distribution business, expected to raise up to US$2 billion, Reuters reported on Wednesday, citing sources familiar with the matter.
Earlier this week, ADNOC said it would be expanding partnerships and possibly listing minority stakes in some of its services businesses with attractive growth and investment profiles.
ADNOC, however, stressed that there are no plans for an IPO of ADNOC itself, the group holding company, which will stay wholly owned by the Government of Abu Dhabi. Referring to the potential IPOs of minority stakes in some businesses, the company said that “ADNOC will continue to be a committed, long-term majority shareholder in any businesses that are listed.”
According to Reuters’ sources, Rothschild has a strong chance of landing an advisory role in the listing.
The IPO is planned to take place before the end of this year, one source told Reuters.
A total of ten banks have been invited to file proposals to take roles in the IPO, according to Reuters’ sources.
Although an ADNOC spokesman declined to confirm details of the selection process, he told Reuters that “ADNOC is therefore considering the IPO of minority stakes of some of its services businesses and we will update the market on its plans in due course.”
Related: The Biggest Obstacles For China’s $900 Billion Silk Road
Since the beginning of 2017, ADNOC Distribution has opened 14 new service stations and 10 ADNOC Xpress stations in various parts of the UAE, which takes the total number of its service stations to 460 across the country, the company said on Wednesday.
ADNOC Distribution’s potential IPO could inject some life into the downbeat IPO market in the UAE. According to Thomson Reuters data, no listing took place last year, and just two IPOs have been carried out this year, raising a total of US$348.5 million.
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By Tsvetana Paraskova for Oilprice.com
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Tsvetana Paraskova
Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews.
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Naomi on July 12 2017 said:I can get a better deal from a Nigerian prince.
Naomi on July 12 2017 said:
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