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Abu Dhabi National Oil Company (Adnoc) has announced its intention to issue a 4% minority stake in Adnoc Gas, its world-class gas processing, operating and marketing company, on the Abu Dhabi Securities Exchange (ADX).
The offering is expected to commence on February 23, subject to regulatory approval and other relevant factors.
Formed in January 2023 by integrating Adnoc’s gas processing and LNG businesses, Adnoc Gas is a world-class conglomerate operating across the gas value chain.
A global leader with a production capacity of approximately 10 billion standard cubic feet per day (bscfd), the company serves a wide range of domestic and foreign customers with an expanding product portfolio, meeting approximately 60% of the UAE’s natural gas needs to more than 20 Natural gas and related products are exported by diverse customer segments across countries.
As the world seeks to further decarbonize its energy system, global demand for natural gas is expected to continue to grow, and Adnoc Gas is expanding its capacity to meet growing global demand, support the UAE’s gas self-sufficiency and industrial expansion, and expand LNG production capacity.
At the launch of Adnoc Gas’s IPO, Khaled Al Zaabi, Group Chief Financial Officer, said: “We are very pleased to announce our intention to take a minority stake in Adnoc Gas, our world-class gas processing, operating and marketing company, public.”
“Gas is at the heart of the energy transition, and as the UAE’s gas champion, Adnoc Gas has the ability to responsibly utilize our vital gas resources while increasing efficiency, creating value and reliably supplying this critical fuel to meet the world’s growing energy needs Demand demands,” he noted.
Adnoc Gas has an unrivaled asset base and a portfolio of capital projects that will ensure strong growth and deliver attractive returns to shareholders.
Adjusted revenue for the twelve months ending October 2022 totaled $24.9 billion, with Adnoc Gas’ adjusted EBITDA of $8.7 billion and net income of $4.8 billion for the same period.
“This is the fifth time we have brought Adnoc to market in as many years and we are delighted to once again offer international and local investors a very attractive investment opportunity for shareholders to share in Adnoc and Abu Dhabi’s ongoing value creation journey” he added.
The company expects to pay dividends of $3.25 billion related to its financial performance for the year ending December 32, 2023.
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