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Monday, 10 July 2017

Abu Dhabi's Oil Producer May Sell Shares in Units to Expand - Bloomberg

Abu Dhabi's Oil Producer May Sell Shares in Units to Expand - Bloomberg:

"Abu Dhabi National Oil Co. may sell minority stakes in some of its service units and will seek international partners as the producer of most of the crude in the United Arab Emirates seeks to boost growth and expand operations. The company known as Adnoc, which already has ventures with international companies such as Total SA at its main oil and natural gas fields, will expand its partnerships into refining and petrochemicals as well as other areas like pipelines and storage, Chief Executive Officer Sultan Al Jaber said Monday in an emailed statement. One of its services-related companies may be listed by the end of this year, a spokesman said. “Adding partnerships and selling stakes in some units like services that are not core businesses makes sense to bring in capital and raise profitability and efficiency,” said Robin Mills, head of Dubai-based consultant Qamar Energy. “When oil prices are low and producers can’t raise output, petrochemicals are an obvious place to look for profit and growth.”"



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