ADNOC mulls listing 10% stake in fuel retail business next year

Dubai / Reuters

Abu Dhabi National Oil Co (ADNOC) could list more than 10 percent of its fuel retail business by early 2018 and one or two more businesses later as part of a major shake-up, sources familiar with the matter said. The listing for ADNOC Distribution, which manages petrol stations and convenience stores across the UAE as well as bunkering facilities and a lubricant plant, comes as Abu Dhabi and other Gulf states are privatising energy assets in an era of cheap crude.
ADNOC said in July it planned to float stakes in some of its services businesses, but did not give details. For ADNOC Distribution, Reuters reported in late July that banks had been mandated for the IPO, citing sources familiar with the matter.
“They are still working on it, there may be other services (to be listed) but it will not be that fast,” said one source. ADNOC may in future choose to float one or maximum two more businesses such as its drilling arm, National Drilling Company, or energy infrastructure if the IPO of ADNOC Distribution proves successful, several sources familiar with the firm’s plans said.

Abu Dhabi weighs sale of 24 percent
stake in ADNIC
DUBAI / ABU DHABI / Reuters

State-backed Abu Dhabi Investment Council is weighing the sale of its nearly 24% stake in Abu Dhabi National Insurance Co (ADNIC), with Allianz among groups showing initial interest in buying it, sources familiar with the matter said.
If the deal goes ahead, it will further boost Allianz’s presence in emerging markets and give the global insurer a stronger position in UAE, a market seen as ripe for consolidation.
Abu Dhabi Investment Council might hire an adviser for the deal.