UAE: ADNOC to list 10% of its fuel distributing company in IPO

Abu Dhabi National Oil Company (ADNOC) is looking to sell at least 10% of its fuel distribution business in an initial public offering that was announced last week, reports Reuters.

The United Arab Emirates (UAE)’s leading fuel retailer will be listed in the Abu Dhabi Securities Exchange (ADX) as Gulf states start the process of privatizing some energy assets.

Saudi Arabia also announced plans to list 5% of its national oil company Aramco by next year in what could be the world’s biggest IPO, raising as much as $100 billion.

“The IPO of ADNOC Distribution represents an important milestone in this new approach and is a natural evolution for the growth and expansion of this exciting retail-focused business,” said ADNOC CEO Sultan Ahmed al-Jaber at an energy conference.

ADNOC Distribution is the leading fuel retailer in the UAE with a 67% market share and a network of around 360 gas stations.