Abu Dhabi's ADNOC to float 4% of gas business - sources

The state oil giant made the decision on ADNOC Gas ahead of the official announcement of the IPO expected on Friday, said the sources, declining to be named as the matter is not public. ADNOC declined to comment.of at least $50 billion for its gas business, which would translate to proceeds from the IPO of roughly $2 billion, according to Reuters calculations.

ADNOC is keen on launching the deal ahead of a slowdown in market activity during the Muslim fasting month of Ramadan which begins in late March, the sources said at the time. The company announced in November it was combining its gas processing arm and its liquefied natural gas subsidiary into a single listed entity.

ADNOC is sharpening its focus on the gas market as Europe seeks to replace all Russian energy imports as early as mid-2024 after gradual supply cuts since Western sanctions were imposed on the country over its invasion of Ukraine.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

United Arab Emirates’ national energy company to sell 4% stake in natural-gas business via an IPOThe Abu Dhabi National Oil Co., or Adnoc , will sell more than 3 billion shares in Adnoc Gas, one of the world’s largest gas-processing entities, on the Abu...
Source: MarketWatch - 🏆 3. / 97 Read more »

Abu Dhabi to Sell 4% of Natural-Gas Business in IPOAbu Dhabi plans to sell a roughly 4% stake of its natural-gas business in an IPO, the latest in a wave of mega listings across the Gulf region How many LIV golf critics are going to invest? It's Persian Gulf, not just golf. Don't be ridiculous,
Source: WSJ - 🏆 98. / 63 Read more »

ADNOC to float 4% of its gas business in IPO - statementADNOC will sell 4% of it gas business in an initial public offering (IPO), according to a newspaper notice and an emailed statement on Friday.
Source: Reuters - 🏆 2. / 97 Read more »