Abu Dhabi's ADNOC gears up for June listing of marine & logistics unit - sources

Variety
2023-03-24 | 06:51
High views
Share
LBCI
Share
LBCI
Whatsapp
facebook
Twitter
Messenger
telegram
telegram
print
Abu Dhabi's ADNOC gears up for June listing of marine & logistics unit - sources
Whatsapp
facebook
Twitter
Messenger
telegram
telegram
print
2min
Abu Dhabi's ADNOC gears up for June listing of marine & logistics unit - sources

State oil giant Abu Dhabi National Oil Co (ADNOC) plans to float its marine and logistics subsidiary in the coming months, two sources said, the second initial public offering of one of its businesses this year.

ADNOC, which raised $2.5 billion from listing its gas business in March, is gearing up for a June listing of ADNOC Logistics & Services (ADNOC L&S), said the sources, declining to be named as the matter is not public.
HSBC (HSBA.L) was appointed as joint global coordinator on the syndicate this week, one of the sources said, joining Citigroup (C.N), JPMorgan (JPM.N), and First Abu Dhabi Bank (FAB.AD), which were selected at the end of last year.

ADNOC, which supplies nearly 3% of global oil demand, declined to comment on the listing plans. HSBC did not immediately respond to a request for comment.

ADNOC L&S delivers crude oil, refined products, dry bulk and liquefied natural gas from Abu Dhabi to its international customers. It was created in 2016 following a merger between Abu Dhabi National Tanker Co, Petroleum Services Co and Abu Dhabi Petroleum Ports Operating Co.
Companies from the Middle East have raised some $21.9 billion through IPOs in 2022, more than half the total for the wider EMEA region, which also includes Europe and Africa, according to Dealogic data.

ADNOC Chief Executive Sultan al-Jaber is leading its push into new energy, low-carbon fuels such as ammonia and hydrogen, as well as LNG and chemicals incorporated into a new business unit alongside the upstream and downstream businesses.

The company launched a transformation strategy more than four years ago as part of Abu Dhabi's plans to diversify the economy and attract foreign investment.

ADNOC began floating units in late 2017. Over the past two years, it has listed petrochemicals company Borouge (BOROUGE.AD), fertilisers and clean ammonia products maker Fertiglobe (FERTIGLOBE.AD), ADNOC Drilling (ADNOCDRILL.AD) and ADNOC Gas (ADNOCGAS.AD).
 
 
 
 
 

Variety

Middle East

Abu Dhabi

ADNOC

LBCI Next
Musk denies report on SpaceX's plans for new funding from Saudi, UAE
Beirut's golden era is present in Qatar's renowned Mathaf
LBCI Previous
Download now the LBCI mobile app
To see the latest news, the latest daily programs in Lebanon and the world
Google Play
App Store
We use
cookies
We use cookies to make
your experience on this
website better.
Accept
Learn More