ADNOC poised to sell at least 10% of fuel distribution unit in IPO

Reuters

A man rides a motorcycle near an ADNOC petrol station in Abu Dhabi, United Arab Emirates July 10, 2017.

Abu Dhabi National Oil Company (ADNOC), the United Arab Emirates (UAE) oil giant, said Monday it plans to sell at least 10 percent of its stake in its fuel retail business in an initial public offering (IPO) next month.

The listing will be on the Abu Dhabi bourse and is expected before the end of 2017, the company said in a statement.

The announcement by ADNOC, which controls nearly all of the proven oil reserves in the United Arab Emirates, comes at a time when Abu Dhabi and other Gulf States are privatizing energy assets in order to compete in an era of cheap crude.

ADNOC has been in the midst of a major restructuring since Sultan Al-Jaber was appointed as the company’s chief executive last year.