ADNOC eyes $2 bln from IPO

ADNOC Distribution, a wing of Abu Dhabi’s NOC, has set an indicative price range for the company’s upcoming IPO of its fuel distribution unit that could raise USD 2 billion, international media reported on Sunday.

The NOC announced earlier this month it would sell at least 10% of ADNOC Distribution on the Abu Dhabi Securities Exchange. The offering is set to go forward following regulatory approvals from the UAE Securities and Commodities Authority and Abu Dhabi Securities Exchange.

A ceiling for the share sale has been set at 20%. If reached, this could bring in USD 2.1 billion, Reuters reported.

Recent Posts

UK allows oil exploration in North Sea wind project zones

The UK's hydrocarbons regulator has awarded 31 new exploration licences in the country's North Sea waters, Reuters reported on Friday Read More

9 hours ago

ExxonMobil closes acquisition of Pioneer, creating Permian powerhouse

ExxonMobil announced the closing of its USD 60-billion acquisition of Pioneer Natural Resources on Friday, a move that solidifies its… Read More

14 hours ago

BP-Eni joint venture Azule Energy enters Namibia’s Orange Basin

BP-Eni joint venture Azule Energy has entered a strategic farm-in agreement with Rhino Resources in Namibia's offshore Orange Basin, the… Read More

16 hours ago

Chariot starts gas drilling campaign in Morocco

Africa-focused energy group Chariot has spudded the RZK-1 exploration well on the Gaufrette prospect at the Loukos Onshore licence in… Read More

20 hours ago

Touchstone acquires Trinidad E&P player Trinity

Touchstone Exploration has acquired Trinidad-focused Trinity Exploration & Production in an all-shares deal, the Canadian upstream player said on Wednesday Read More

1 day ago

ExxonMobil “optimistic and pushing forward” with Mozambique’s Rovuma LNG

ExxonMobil is "optimistic and pushing forward" with the Rovuma LNG project in Mozambique and eyes an FID by the year's… Read More

2 days ago

This website uses cookies.