Abu Dhabi's ADNOC gears up for June listing of marine & logistics unit - sources | Reuters
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 (HSBA.L) was appointed as joint global coordinator on the syndicate this week, one of the sources said, joining Citigroup (C.N), JPMorgan (JPM.N), and First Abu Dhabi Bank (FAB.AD), 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.
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