Abu Dhabi's Adnoc Considers Drilling, Fertilizer IPOs - Bloomberg
Abu Dhabi is accelerating plans to sell shares in some oil and gas businesses as the government seeks to deepen its financial markets and diversify its sources of funding.
The state energy company, Abu Dhabi National Oil Co., is considering initial public offerings of its drilling business and a fertilizer joint venture called Fertiglobe, according to people with knowledge of the plans. The deals could raise more than $1 billion each, according to the people.
Petrostates in the Persian Gulf are trying to bolster their economies after they were hit last year by coronavirus lockdowns and the crash in oil prices. They also want to diversify from fossil fuels by using money raised from their oil assets to invest in other industries.
Deliberations on the potential listings are ongoing and no final decisions have been made. Adnoc may retain the businesses or look at other ways of monetizing them, the people said.
Both Adnoc Drilling and Fertiglobe, a venture with Amsterdam-based OCI NV, are based in Abu Dhabi. OCI confirmed that it and Adnoc are considering an IPO of Fertiglobe. Adnoc declined to comment.
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