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DUBAI, March 24 (Reuters) – State oil major Abu Dhabi National Oil Co (ADNOC) is planning to list its maritime and logistics unit in the coming months, two sources said, as part of an The business’s second IPO this year.
ADNOC, which raised $2.5 billion in the listing of its natural gas business in March, is preparing to list ADNOC Logistics & Services (ADNOC L&S) in June, the sources said. The sources declined to be named as the matter is private.
HSBC (HSBA.L) Citigroup was named this week as the syndicate’s joint global coordinator, one of the sources said. (China)JPMorgan (JPMorgan Chase & Co.N)and First Abu Dhabi Bank (FAB.AD)which was elected late last year.
ADNOC, which supplies nearly 3 percent of global oil demand, declined to comment on plans to go public. HSBC did not immediately respond to a request for comment.
ADNOC L&S supplies crude oil, refined products, dry bulk and liquefied natural gas from Abu Dhabi to its international customers. It was formed in 2016 from the merger of the Abu Dhabi National Tanker Company, Oil Services Company and Abu Dhabi Petroleum Ports Operating Company.
According to Dealogic, Middle Eastern companies will raise about $21.9 billion in IPOs in 2022, more than half of the total in the broader EMEA region, which includes Europe and Africa.
ADNOC CEO Sultan al-Jaber is leading its push into alternative energy, low-carbon fuels such as ammonia and hydrogen, as well as liquefied natural gas and chemicals, into a new business unit with upstream and downstream businesses.
The company launched its transformation strategy four years ago as part of Abu Dhabi’s plan to diversify its economy and attract foreign investment.
ADNOC started construction of the floating unit in late 2017.In the past two years, it has listed petrochemical company Borouge (Borouge.AD)fertilizer and cleaning ammonia products manufacturer Fertiglobe (FERTIGLOBE.AD)ADNOC Drilling (ADNOCDRILL.AD) and ADNOC Gas (ADNOCGAS.AD).
Reporting by Hadeel Al Sayegh; Editing by Elaine Hardcastle
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