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ADNOC raises up to 2.8 billion USD from IPO

Abu Dhabi National Oil Company (ADNOC) plans to sell 20% share from its fuel distribution unit via IPO on a local stock exchange, potentially raising up to 2.8 billion USD. The state-owned crude producer intends to offer 1.25-2.50 billion shares of its fuel-station business. The price range for the sale will be announced on November 26.

ADNOC pumps most of the crude in the United Arab Emirates, a member of the Organization of Petroleum Exporting Countries that accounts for about 6 percent of global reserves.

The analysts valued the total fuel distribution unit of ADNOC at between 11 billion USD and 14 billion USD.

If Abu Dhabi National Oil Company raises as much as 2.8 billion USD, it would be the biggest initial public offering (IPO) in the United Arab Emirates since 2007 when DP World raised nearly 5 billion USD. The companies aim to complete some listings before Saudi Arabia’s IPO of Saudi Aramco in late 2018, part of the kingdom’s wider privatization program.

The Abu Dhabi National Oil Company, or ADNOC, is the state-owned oil company of the United Arab Emirates (UAE). According to the Oil & Gas Journal, as of January 2015, the UAE holds the seventh-largest proven reserves of oil in the world at 97.8 billion barrels. Most of these reserves are located in Abu Dhabi. It is the world’s 12th largest oil company by production, standing at 3.1 million barrels per day, as well as the UAE’s biggest company.

About Manuel Fajardo

Manuel Fajardo is from Brazil, living in Porto Alegre. He works in Finance Apprise Journal, as analysts and content writer. In my responsibilities are finance and business news for Latin America, Asia and Australia.

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