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DUBAI/ABU DHABI - Abu Dhabi National Oil Company (ADNOC) plans to sell at least 10 percent of its stake in its fuel distribution unit in an initial public offering next month, the company said on Monday.
ADNOC Distribution is the leading fuel distributor in the United Arab Emirates with an approximately 67 percent market share by number of retail fuel service stations
The listing, which will be on the Abu Dhabi bourse, comes as Abu Dhabi and other Gulf states seek to privatise energy assets as revenues are squeezed by lower oil prices.
(Reporting by Saeed Azhar and Rania El Gamal; Editing by Tom Arnold) ((Saeed.Azhar@thomsonreuters.com; +971 44536787; Reuters Messaging: saeed.azhar.reuters.com@reuters.net))
ADNOC Distribution is the leading fuel distributor in the United Arab Emirates with an approximately 67 percent market share by number of retail fuel service stations
The listing, which will be on the Abu Dhabi bourse, comes as Abu Dhabi and other Gulf states seek to privatise energy assets as revenues are squeezed by lower oil prices.
(Reporting by Saeed Azhar and Rania El Gamal; Editing by Tom Arnold) ((Saeed.Azhar@thomsonreuters.com; +971 44536787; Reuters Messaging: saeed.azhar.reuters.com@reuters.net))
