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Exclusive-Abu Dhabi ADNOC weighs in on IPO of logistics and services unit next year – sources according to Reuters


© Reuters. FILE PHOTO: Overview of the ADNOC headquarters in Abu Dhabi, United Arab Emirates, 29 May 2019. REUTERS / Christopher Pike / File Photo

Author: Hadeel Al Sayegh

DUBAI (Reuters) – The Abu Dhabi National Oil Company (ADNOC), the state-owned oil company, is examining its initial public offering (IPO) for maritime services, logistics and shipping next year, two sources familiar with the matter told Reuters.

ADNOC Logistics & Services (ADNOC L&S) has been selected for a float that could be in Abu Dhabi in 2022, sources said, refusing to name it because the matter is not public.

An agreement could be reached after testing the willingness of investors and market conditions, they said.

ADNOC declined to comment when it contacted Reuters on Sunday.

Gulf oil producers are exploring the sale of shares in energy assets, taking advantage of the gross price rebound to attract foreign investors.

ADNOC, which supplies almost 3% of global oil demand, wants to extract value from the businesses it owns and disposes of assets that are seen as a core business.

In addition, Abu Dhabi is taking advantage of a rise in the stock index, which has risen by about 65% this year, the best-performing market in the Gulf region.

ADNOC offered an 11% stake in its drilling business in September, raising more than $ 1.1 billion from investors. ADNOC and OCI chemical companies raised $ 795 million in October through a public stake in fertilizer company Fertiglobe.

ADNOC L&S offers refined, dry and liquefied products from Abu Dhabi to international customers.

Founded in 2016, Abu Dhabi National Tanker Co., Petroleum Services Co. and Abu Dhabi Petroleum Ports Operating Co.

The unit has a fleet of more than 240 owned vessels, including large oil tankers and crude oil carriers. It is also the only operator authorized to service all of Abu Dhabi’s oil ports.

The business is an essential unit of ADNOC and aims to increase its crude oil production capacity to 5 million barrels per day by 2030.

The unit also operates food containers that transport cargo on behalf of ADNOC and other customers. The rate of shipment has risen over the past year as the coronavirus pandemic created bottlenecks and disrupted supply chains.

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