The company is sharpening its focus on the gas market as Europe seeks to replace all Russian energy imports as early as mid-2024 after gradual supply cuts since Western sanctions were imposed on the country over its invasion of Ukraine. At $50 billion and above, ADNOC Gas' valuation would be broadly comparable to Italian energy group Eni , U.S. Refiner Valero Energy and U.S. oil producer Occidental Petroleum .
The expedited time frame led Goldman Sachs and Bank of America to give up their roles as lead managers in the flotation, two other sources said. HSBC has been appointed to work with First Abu Dhabi Bank on the deal, they said.
Companies from the Middle East have raised some $21.9
billion through IPOs in the area in 2022, more than half the
total for the wider EMEA region, which also includes Europe and
Africa, according to Dealogic data.
ADNOC Chief Executive Sultan al-Jaber is leading its push
into new energy, low-carbon fuels such as ammonia and hydrogen,
as well as LNG and chemicals incorporated into a new business
unit alongside the upstream and downstream businesses.
The firm launched a transformation strategy more than four
years ago, including monetising assets, as part of Abu Dhabi's
plans to diversify the economy and attract foreign investment.
Over the past two years, ADNOC listed petrochemicals company
Borouge , fertilisers and clean ammonia products
maker Fertiglobe and ADNOC Drilling . It is preparing an IPO of its logistics and
services unit.
(Reporting by Hadeel Al Sayegh; Editing by Ghaida Ghantous and
Jacqueline Wong)
