The move follows a similar IPO by the Saudi oil giant Aramco in 2019 that raised some $30 billion, and comes months before the United Arab Emirates is set to host this year's U.N. climate talks.
ADNOC has access to 95 per cent of the UAE's natural gas reserves, the world's seventh largest. It supplies gas to more than 60 per cent of the local market and exports to more than 20 countries. The company had a net income of $4.2 billion in the first 10 months of 2022, up from $3.6 billion in all of 2021.
"Natural gas is central to the energy transition," Khaled Al Zaabi, acting group CFO of ADNOC, said in a press release. "ADNOC Gas is well-positioned to responsibly harness our significant natural gas resources, while driving efficiencies, delivering value, and reliably supplying this key fuel to meet the world's growing energy needs."
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When did Trudeau and Zalenski purchase the 96 % ?
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