Two sources stated Abu Dhabi National Oil Co. (ADNOC) would launch its maritime and logistics unit in the coming months, its second IPO this year.
The sources, who requested anonymity, claimed ADNOC Logistics & Services (ADNOC L&S) would be listed in June after raising $2.5 billion from listing its gas company in March.
One source said HSBC (HSBA.L) joined Citigroup (C.N), JPMorgan (JPM.N), and First Abu Dhabi Bank (FAB.AD) as joint global coordinators this week.
ADNOC, which provides roughly 3% of world oil consumption, declined to comment on listing intentions. HSBC did not comment.
Abu Dhabi-based ADNOC L&S exports crude oil, refined products, dry bulk, and liquefied natural gas. Abu Dhabi National Tanker Co, Petroleum Services Co, and Abu Dhabi Petroleum Ports Operating Co merged in 2016.
In 2022, Middle Eastern companies raised $21.9 billion through IPOs, more than half of the EMEA region’s total.
ADNOC CEO Sultan al-Jaber is pushing new energy, low-carbon fuels like ammonia and hydrogen, LNG, and chemicals into a new business unit alongside the upstream and downstream sectors.
As part of Abu Dhabi’s efforts to diversify the economy and attract international investment, the corporation began a restructuring strategy more than four years ago.
In late 2017, ADNOC floated units. During the last two years, it has listed petrochemicals business Borouge (BOROUGE.AD), fertilizers and clean ammonia products producer Fertiglobe, ADNOC Drilling, and ADNOC Gas (ADNOCGAS.AD).
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