ADNOC announces minority stake sale in ADNOC Gas on ADX
ABU DHABI: ADNOC, a trusted and responsible provider of low-emission energy, has announced its intention to offer a 4 percent minority stake in ADNOC Gas, its global gas processing, operation and marketing company, for an initial public offering (IPO) on the Abu Dhabi Securities Exchange (ADX).
Subscription to the offered shares is expected to start on February 23, 2023, subject to regulatory approvals and other considerations, according to a company statement.
Established in January 2023 through the merger of ADNOC’s gas and LNG processing business, ADNOC Gas is a large-scale integrated global company operating across the gas value chain.
Thanks to its position as a leading global player with a production capacity of approximately 10 billion standard cubic feet of gas per day, the company serves a wide range of local and international customers through a wide portfolio of products, providing about 60 percent of the UAE’s gas needs. It also exports natural gas and related products to a large variety of customers in more than 20 countries.
Global gas demand is expected to continue to grow, as the world looks to reduce emissions from existing energy systems. ADNOC Gas is expanding its capacity to meet the growing global demand for gas, support the UAE’s self-sufficiency efforts, contribute to industrial expansion, and increase gas export capacity.
Khalid Al Zaabi, Chief Financial Officer at ADNOC, said: “We are delighted to announce our intention to offer a minority stake in ADNOC Gas, a world-class gas processing, operation and marketing company, a pivotal fuel source during the energy transition. ADNOC Gas is the fifth company where ADNOC offers a minority stake in the market in the past few years, and we are pleased to offer local and international investors a rewarding investment opportunity to participate in value creation initiatives in Abu Dhabi and ADNOC.”
“In line with the leadership’s vision to achieve gas self-sufficiency in the UAE, ADNOC Gas is working to ensure the responsible exploitation of natural gas resources with a focus on increasing efficiency, enhancing value, and providing reliable supplies to meet the growing global demand for energy.”