• 6 minutes Trump vs. MbS
  • 11 minutes Can the World Survive without Saudi Oil?
  • 15 minutes WTI @ $75.75, headed for $64 - 67
  • 2 hours U.S. Shale Oil Debt: Deep the Denial
  • 16 hours Satellite Moons to Replace Streetlamps?!
  • 1 day EU to Splash Billions on Battery Factories
  • 13 hours The Dirt on Clean Electric Cars
  • 1 min Why I Think Natural Gas is the Logical Future of Energy
  • 11 hours Owning stocks long-term low risk?
  • 4 hours Can “Renewables” Dent the World’s need for Electricity?
  • 2 days US top CEO's are spending their own money on the midterm elections
  • 2 days A $2 Trillion Saudi Aramco IPO Keeps Getting Less Realistic
  • 2 days 47 Oil & Gas Projects Expected to Start in SE Asia between 2018 & 2025
  • 2 days The Balkans Are Coming Apart at the Seams Again
  • 1 day The end of "King Coal" in the Wales
  • 2 days Uber IPO Proposals Value Company at $120 Billion
China’s CNPC Boosts Global Oil, Gas Ties

China’s CNPC Boosts Global Oil, Gas Ties

China National Petroleum Corporation (CNPC)…

Oilfield Service Companies Bet On Full Recovery

Oilfield Service Companies Bet On Full Recovery

The return of the drilling…

UAE’s ADNOC Studies Banking Majors For IPO Release

Abu Dhabi

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.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


x

Join the discussion | Back to homepage

Leave a comment
  • Naomi on July 12 2017 said:
    I can get a better deal from a Nigerian prince.

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News