ADNOC selects Moelis, banks: report
Abu Dhabi 
ABU DHABI, July 20, 2017 – Abu Dhabi National Oil Company (ADNOC) has appointed US bank Moelis & Co to assist the company with its plans to attract investment and form partnerships, international media reported on Wednesday.
In addition, ADNOC has selected First Abu Dhabi Bank, HSBC, Bank of America Merrill Lynch and Citigroup to manage the IPO of its retail business which is expected to bring in between USD 1.5 billion and USD 2 billion, Reuters cited sources as saying. Rothschild has reportedly been selected as adviser for the floatation of ADNOC Distribution, though all the parties involved declined to comment.
Earlier in July, ADNOC announced plans to put some of its services-related businesses on local equity markets and form new partnerships. As part of its 2030 plan, the NOC is eyeing a variety of investors, such as trading houses, international pension funds, private equity investors and infrastructure specialists. The partnerships are expected to commence later in the year.
Moelis & Co is advising Saudi Aramco on its IPO and previously assisted the Dubai government with Dubai World’s USD 25-billion debt restructuring.
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