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DUBAI, Nov 29 (Reuters) – Abu Dhabi National Oil Company (ADNOC) has hired Goldman Sachs to integrate its gas business as it plans to list on the stock market next year, two sources familiar with the matter told Reuters.
ADNOC is stepping up its focus on the gas market as Europe seeks to replace all Russian energy imports as early as mid-2024 as supplies dwindle following Western sanctions against Ukraine over its invasion.
The U.S. investment bank is working on combining ADNOC’s gas processing unit and its liquefied natural gas (LNG) unit into a listed entity, the sources said. The sources declined to be named as the matter is private.
Both ADNOC and Goldman Sachs declined to comment on Tuesday.
ADNOC’s Board of Directors gave the green light on Monday to create ADNOC Gas, merged its two natural gas businesses.
The company plans to offer investors a minority stake in the new company through an initial public offering on the Abu Dhabi Stock Exchange next year.
ADNOC is considering combining new energy, low-carbon fuels such as ammonia and hydrogen, and liquefied natural gas and chemicals with the group’s upstream and downstream businesses into a new business unit.
Chief Executive Sultan al-Jaber has been the main architect of the company’s transformation strategy, which it began four years ago, monetizing assets such as the listing of petrochemical company Borouge (Borouge.AD)fertilizer and cleaning ammonia products manufacturer Fertiglobe (FERTIGLOBE.AD) and ADNOC Drilling (ADNOCDRILL.AD).
Reporting by Hadeel Al Sayegh Editing by David Goodman
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