ADNGC seeks to raise $2 billion in IPO

ADNOC owns 95% of the UAE’s natural gas reserves, ranking seventh in the world. Its natural gas division, called ADNOC Gas, supplies more than 60% of the local market and exports to more than 20 countries.

The gas company’s net income for the first 10 months of 2022 was $4.2 billion, up from $3.6 billion for all of 2021.

Saudi Arabia’s state-owned oil giant Aramco conducted a similar IPO in 2019 Approximately $30 billion raised.

ADNOC CEO Sultan al-Jaber also oversees renewable energy projects in the United Arab Emirates, Selected Hosting this year’s COP28 UN climate talks has angered climate change activists.

Oil and gas fuel the UAE’s rapid transformation into a high-tech global business hub in futuristic cities like Dubai and Abu Dhabi, and busiest airport in the world For international flights. Analysts believe the UAE is trying to maximize profits as the world increasingly turns to renewable energy.

The UAE says it has invested more than $50 billion in renewable energy projects in 70 countries and plans to invest another $50 billion over the next decade. It’s also vowed to be carbon neutral by 2050, though it’s unclear how it will achieve that.