Emirati-based ADNOC intends to offer a 4% stake in ADNOC Gas, its global gas processing, operating and marketing company, for an initial public offering on the Abu Dhabi Stock Exchange.
The move follows a similar 2019 IPO by Saudi oil giant Aramco, which raised about $30 billion, and comes months before UN climate talks are due to take place in the UAE this year.
ADNOC owns 95% of the UAE’s natural gas reserves, which are the seventh largest in the world. It supplies gas to more than 60% of the domestic market and exports to more than 20 countries around the world. The company posted a net profit of $4.2 billion in the first 10 months of 2022, compared to $3.6 billion in all of 2021.
It plans to list over 3 billion shares on the Abu Dhabi Stock Exchange for purchase by local investors starting February 23, 2023.
For his part, Khaled Al Zaabi, CFO of ADNOC, said: “ADNOC Gas is the fifth company in which ADNOC has offered a minority market share over the past few years and we are pleased to offer local and international investors a profitable investment opportunity that allows them to participate in creating initiatives “and adding value in Abu Dhabi and ADNOC”.
ADNOC boasts a total gas processing capacity of over 10 billion standard cubic feet per day and a liquid processing capacity of 29 million tons per year. And ADNOC announced the discovery of up to 2 trillion standard cubic feet of offshore gas in February 2022.
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