Friday , October 19 2018

ADNOC to sell at least 10% stake in fuel business unit



The CEO of the Abu Dhabi National Oil Company (ADNOC) Dr Sultan Al Jaber, announced that ADNOC intends to sell a minority stake of its fuel distribution and convenience retail store subsidiary, ADNOC Distribution, via an IPO on the Abu Dhabi Securities Exchange (ADX) before the end of the year. The company aims to sell at least 10 percent of the fuel distribution unit. The proposed IPO is subject to the finalisation of all regulatory approvals, including those of the UAE Securities and Commodities Authority and the ADX.
Delivering his remarks during the keynote speech at ADIPEC, the world’s leading annual conference for oil and gas professionals, Dr Al Jaber announced ADNOC’s intention to issue an IPO for a minority stake of ADNOC Distribution. The CEO said that the IPO “will offer both UAE and international investors an unprecedented opportunity to invest alongside ADNOC in one of the region’s leading consumer brands.”
The IPO is expected to support ADNOC Distribution in the acceleration and execution of its new growth strategy. Dr Al Jaber also said the IPO would help support the growth and development of the UAE’s capital markets.
Post IPO, it is expected that ADNOC Distribution would continue to enjoy strong support from the ADNOC Group. The company stated that ADNOC Distribution is currently in the process of finalising all regulatory approvals required for the IPO, includ-
ing those approvals from the UAE Securities and Commodities
Authority and the ADX.
The share sale is expected to be one of the largest IPOs in the UAE market for a number of years.

ADNOC embracing the future: Al Jaber

Despite the positive outlook for the international oil industry, there is an urgent need not to “ignore the shifting dynamics of the global energy mix,” Dr Sultan Al Jaber, CEO of ADNOC said.
In a keynote speech to open the Abu Dhabi International Petroleum Exhibition and Conference, ADIPEC, Dr Al Jaber added, “We must act nimbly, think creatively, and challenge our traditional business models.” “ At ADNOC,” he said, “we are embracing the future to create a new type of National Oil Company, an NOC that meets the needs of today, while adapting to secure tomorrow’s success.”

About Admin

Check Also

Emirates Post, Fujairah free zone ink e-connectivity pact

FUJAIRAH / WAM Emirates Post and Fujairah Free Zone (FFZ) have signed a cooperation agreement ...

Leave a Reply

Your email address will not be published. Required fields are marked *