Abu Dhabi's ADNOC to float 4% of gas business - sources | Reuters
Abu Dhabi National Oil Company (ADNOC) plans to float 4% of its gas business in an initial public offering, two sources told Reuters on Thursday.
The state oil giant made the decision on ADNOC Gas ahead of the official announcement of the IPO expected on Friday, said the sources, declining to be named as the matter is not public. ADNOC declined to comment.
Sources told Reuters last month that ADNOC was eyeing a valuation of at least $50 billion for its gas business, which would translate to proceeds from the IPO of roughly $2 billion, according to Reuters calculations.
ADNOC is keen on launching the deal ahead of a slowdown in market activity during the Muslim fasting month of Ramadan which begins in late March, the sources said at the time.
The company announced in November it was combining its gas processing arm and its liquefied natural gas (LNG) subsidiary into a single listed entity.
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