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DUBAI, Dec 13 (Reuters) – Abu Dhabi National Oil Co (ADNOC) has tapped investment banks to take the lead in an initial public offering (IPO) of its gas business next year, two sources familiar with the matter told Reuters. Role.
Bankers familiar with the matter said a request was sent last week to selected banks to propose acting as joint global coordinators and bookrunners in the IPO to join Goldman as part of the planned consortium.
ADNOC declined to comment.
ADNOC is combining its natural gas processing unit and its liquefied natural gas (LNG) subsidiary into one publicly traded entity, and has hired Goldman Sachs to participate in the dealtwo other sources told Reuters last month.
ADNOC said Nov. 28 that the combination of the two entities would create one of the world’s largest natural gas processing companies, with a processing capacity of about 10 billion standard cubic feet per day.
ADNOC is stepping up its focus on the gas market as Europe seeks to replace all Russian energy imports by as early as mid-2024 after Western sanctions on Moscow over its invasion of Ukraine cut supplies.
ADNOC plans to offer investors a minority stake in the new company through an initial public offering on the Abu Dhabi Securities Exchange next year.
Reporting by Hadeel Al Sayegh Editing by Mark Potter
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