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ABU DHABI / Reuters
Abu Dhabi’s national oil company (ADNOC) is weighing proposals from Goldman Sachs, First Abu Dhabi Bank (FAB), HSBC and JPMorgan for lead roles in the listing of its retail business, sources familiar with the matter said.
Rothschild is in a strong position for an advisory role to the deal that could raise $1.5 to $2 billion for ADNOC, sources said.
The listing of ADNOC’s business, which manages petrol stations as well as convenience stores across the UAE, is planned before the end of the year, one of the sources said.
The company has a total number of 460 petrol stations after the opening up of several new ones since the start of the year, it said in a statement on Wednesday.
The pitching process for the ADNOC deal is under way after the unlisted group announced this week that it is looking to float some of its services businesses and enter tie-ups with global investors to help it create new revenue streams and
secure more market access.
Ten banks have been invited to pitch for a role in the IPO, one of the sources said.