Dubai – Mubasher: Abu Dhabi National Oil Company (ADNOC) is planning to sell a stake in its network of fuel service stations and retail convenience stores in December 2017, sources told Reuters on Monday.
In July, sources said that the Emirati oil company may launch an initial public offering (IPO) for ADNOC Distribution in the last quarter of 2017. However, no official company statements have been made in this regard.
Goldman Sachs Group Inc, Morgan Stanley, and EFG Hermes are helping to manage the sale and Bank of America Corp, Citigroup Inc, HSBC Holdings and First Abu Dhabi Bank were hired as underwriters, sources told Bloomberg in July.
“As announced on July 10, ADNOC is expanding its strategic partnership model and creating new investment opportunities across all areas of its value chain, as well as the more active management of its portfolio of assets and capital,” an ADNOC official told Mubasher.
Accordingly, ADNOC is “considering the potential IPO of minority stakes of some of its services businesses which have attractive investment and growth profiles."
Adnoc Distribution has more than 300 gas stations in the UAE and owns the Adnoc Oasis chain of convenience stores.
