The Abu Dhabi National Oil Company is to float a minority stake in one of its subsidiary companies for the first time, ADNOC chairman Sultan Al-Jaber said Monday (November 13th).
The UAE capital Abu Dhabi is following in the footsteps of neighbouring Saudi Arabia, which plans to float up to 5% of its national oil company Aramco.
"I am pleased to announce the floating of a minority stake in the leading fuel distribution company, ADNOC Distribution," Jaber told the annual ADIPEC oil conference and exhibition.
ADNOC Distribution is the UAE's largest operator of retail fuel service stations and the sole retail fuel operator in the emirates of Abu Dhabi and Sharjah.
Al-Jaber said the initial public offering will be listed on the Abu Dhabi Securities Exchange, the third largest bourse in the Gulf.
The IPO will be open to both domestic and international investors, he said.
