image description
image description
Tell A Friend

FinancialNews


  • 19-02-23

    Abu Dhabi state gas firm ADNOC to trade 4 percent of stakes in IPO

    (MENAFN) The Abu Dhabi National Oil Company’s gas processing company stated on that Friday it prepares to traded 4 percent of its stakes to domestic financers in the most recent initial public proposing to be established by a state-run energy firm in the Middle East, as shown by AP.

    The move comes after a similar IPO by the Saudi oil giant Aramco in 2019 that increased an amount of USD30 billion, and comes months ahead the UAE is prepared to hold this year’s UN climate talks.

    The UAE, which is home to Abu Dhabi and Dubai, chose Sultan Al-Jaber, the cehif executive of ADNOC, who also manages renewable energey ventures, to rule the COP28, angering climate change campaigners.

    ADNOC has admission to 95 percent of the UAE’s natural gas reserves, the world’s seventh biggest. It provides gas to over 60 percent of the domestic market and shipment to over 20 nations. The firm had a net revenue of USD4.2 billion in the opening 10 months of last year, rising USD3.6 billion on a yearly basis.

    It prepares to register more than 3 billion stakes on the Abu Dhabi stock exchange for buying by domestic financers beginning Feb. 23.

    “Natural gas is central to the energy transition,” Khaled Al Zaabi, acting group head financial officer of ADNOC, stated in a press release. Adding, “ADNOC Gas is well-positioned to responsibly harness our significant natural gas resources, while driving efficiencies, delivering value, and reliably supplying this key fuel to meet the world’s growing energy needs.”

    MENAFN19022023000045014228ID1105597091

Follow us

RSS
Terms & Conditions  |  Privacy & Security  |  Contact Us  | Sitemap
© 2024 BBK  |  All Rights Reserved