As Aramco hails record IPO, Abu Dhabi's ADNOC whips up $19 billion - Reuters:
The talk’s all been about Saudi Aramco, and the suspense of its historic drive to whip up international cash. But, more quietly, its Gulf oil peer ADNOC has also been courting foreign funds - and its efforts compare favorably.
Like Saudi Arabia, Abu Dhabi’s economy was hit by a dramatic fall in oil prices in mid-2014, triggering a drive to reduce its dependence on crude. A central part of that has been to reform and modernize state champion ADNOC and attract foreign investment.
Unlike Aramco’s push for a giant stock market listing, which has been highly publicized and closely watched, ADNOC has gone for a more staggered approach with its fundraising efforts, and there has been little overview of their scope by industry experts.
However the Abu Dhabi National Oil Company, to give its full name, has raised more than $19 billion over the past three years from overseas investors, according to Reuters calculations based on publicly released size of investments, signing fees and share sales.
The talk’s all been about Saudi Aramco, and the suspense of its historic drive to whip up international cash. But, more quietly, its Gulf oil peer ADNOC has also been courting foreign funds - and its efforts compare favorably.
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| Employees are seen at the Panorama Digital Command Centre at the ADNOC headquarters in Abu Dhabi, UAE December 10, 2019. REUTERS/Satish Kumar |
Like Saudi Arabia, Abu Dhabi’s economy was hit by a dramatic fall in oil prices in mid-2014, triggering a drive to reduce its dependence on crude. A central part of that has been to reform and modernize state champion ADNOC and attract foreign investment.
Unlike Aramco’s push for a giant stock market listing, which has been highly publicized and closely watched, ADNOC has gone for a more staggered approach with its fundraising efforts, and there has been little overview of their scope by industry experts.
However the Abu Dhabi National Oil Company, to give its full name, has raised more than $19 billion over the past three years from overseas investors, according to Reuters calculations based on publicly released size of investments, signing fees and share sales.
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