By Hadeel Al Sayegh
DUBAI, March 24 (Reuters) - State oil giant Abu
Dhabi National Oil Co (ADNOC) plans to float its marine and
logistics subsidiary in the coming months, two sources said, the
second initial public offering of one of its businesses this
year.
ADNOC, which raised $2.5 billion from listing its gas
business in March, is gearing up for a June listing of ADNOC
Logistics & Services (ADNOC L&S), said the sources, declining to
be named as the matter is not public.
HSBC was appointed as joint global coordinator on
the syndicate this week, one of the sources said, joining
Citigroup , JPMorgan , and First Abu Dhabi Bank , which were selected at the end of last year.
ADNOC, which supplies nearly 3% of global oil demand,
declined to comment on the listing plans. HSBC did not
immediately respond to a request for comment.
ADNOC L&S delivers crude oil, refined products, dry bulk and
liquefied natural gas from Abu Dhabi to its international
customers. It was created in 2016 following a merger between Abu
Dhabi National Tanker Co, Petroleum Services Co and Abu Dhabi
Petroleum Ports Operating Co.
Companies from the Middle East have raised some $21.9
billion through IPOs 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 company launched a transformation strategy more than
four years ago as part of Abu Dhabi's plans to diversify the
economy and attract foreign investment.
ADNOC began floating units in late 2017. Over the past two
years, it has listed petrochemicals company Borouge , fertilisers and clean ammonia products maker
Fertiglobe , ADNOC Drilling (ADNOCDRILL.AD) and
ADNOC Gas .
(Reporting by Hadeel Al Sayegh;Editing by Elaine Hardcastle)
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