ADNOC Eyes June Listing of Marine & Logistics Unit

Hadeel Al Sayegh
Friday, March 24, 2023

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 BOROUGE.AD, fertilizers and clean ammonia products maker Fertiglobe, ADNOC Drilling, and ADNOC Gas. 

(Reuters - Reporting by Hadeel Al Sayegh;Editing by Elaine Hardcastle)

Categories: Offshore Energy Middle East Industry News Activity

Related Stories

Eidesvik Offshore to Sell Three Laid Up Seismic Vessels

Cyan, Taya in Offshore Wind Vessel Collab in Taiwan

Crowley Invests in Tugdock's Floating Dry Dock Platform to Boost U.S. Floating Offshore Wind

Current News

Prysmian Group Taps YIT for Cable Tower Work in Finland

Denmark's Semco Maritime to Acquire German Firm Wind Multiplikator

Canada: Equinor Delays Bay du Nord Offshore Oil Project Up to 3 Years

PGS Wins 3D Survey Deal in the Mediterranean

Subscribe for OE Digital E‑News