Dubai — State oil agency Abu Dhabi Nationwide Oil Firm (ADNOC) is weighing an preliminary public providing (IPO) of its marine companies, logistics and transport arm subsequent yr, two sources acquainted with the matter instructed Reuters.
ADNOC Logistics & Companies (ADNOC L&S) has been chosen for a possible float in Abu Dhabi in 2022, mentioned the sources, declining to be named because the matter shouldn’t be public.
A deal may observe after testing investor urge for food and market circumstances, they mentioned.
ADNOC declined to remark when contacted by Reuters on Sunday.
Gulf oil producers are taking a look at gross sales of stakes in vitality belongings, capitalising on a rebound in crude costs to draw international traders.
ADNOC in September supplied an 11 p.c stake in its drilling enterprise, which raised greater than $1.1 billion from traders. ADNOC and chemical substances agency OCI (OCI.AS) raised $795 million in October via the general public share sale of its fertiliser enterprise Fertiglobe.
ADNOC L&S delivers crude oil, refined merchandise, dry bulk and liquefied pure fuel from Abu Dhabi to its worldwide prospects.
It was created in 2016 following a merger between Abu Dhabi Nationwide Tanker Co, Petroleum Companies Co and Abu Dhabi Petroleum Ports Working Co.
The unit has a fleet of over 240 owned and chartered vessels, which embody tankers and really giant crude carriers. It is usually the one licensed operator to service all petroleum ports in Abu Dhabi.
The enterprise is a necessary unit of ADNOC, which is looking for to spice up its crude oil manufacturing capability to five million barrels per day by 2030.
The unit additionally operates feeder vessels that transport cargo on behalf of ADNOC and different prospects. Delivery charges for cargo have soared up to now yr because the coronavirus pandemic created bottlenecks and disrupted provide chains.
- Reuters (Reporting by Hadeel Al Sayegh; Enhancing by Christopher Cushing)
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