Abu Dhabi market
HSBC was appointed joint global listing coordinator this week
Two sources said that the giant Abu Dhabi National Oil Company (ADNOC) intends to offer its unit for logistics and marine services in the coming months, which is the second initial public offering of one of its companies this year.
The two sources, who asked not to be named because the matter has not yet been announced, said ADNOC, which raised $2.5 billion from listing its gas unit this month, is preparing to list ADNOC Logistics and Services in June.
HSBC Bank was appointed joint global listing coordinator this week, joining Citigroup, JPMorgan and First Abu Dhabi banks, which were selected at the end of last year, one of the sources said.
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 Logistics & Services delivers crude oil, refined products, dry bulks and LNG from Abu Dhabi to its international customers. It was established in 2016 following the merger of the Abu Dhabi National Tanker Company, the Petroleum Services Company and the Abu Dhabi Petroleum Ports Management Company.
Companies from the Middle East raised regarding $21.9 billion through initial public offerings in 2022, more than half the total for EMEA, according to Dealogic data.
ADNOC CEO Sultan Al Jaber is leading the company’s efforts to expand into new energy and low-carbon fuels such as ammonia and hydrogen, as well as liquefied natural gas and chemicals, which have been combined into a new business unit.
The company launched an energy transition strategy more than four years ago as part of Abu Dhabi’s plans to diversify the economy and attract foreign investment.
ADNOC began listing its units in late 2017. Over the past two years, it has listed Borouge petrochemicals, Fertiglobe, a green ammonia fertilizers company, ADNOC Drilling and ADNOC Gas.
