Abu Dhabi National Oil Company for Distribution, the leading operator of retail fuel stations in the UAE, will launch an initial public offering (IPO) and list its shares on the Abu Dhabi Securities Exchange, announced HE Dr Sultan Ahmed Al Jaber, UAE Minister of State and CEO of ADNOC Group at the opening ceremony of ADIPEC on 13 November
The listing will represent a "step change" in ADNOC's transformation programme as well as signalling a new chapter in the development of the UAE's capital markets, according to the Minister. ADNOC is envisaging the IPOs of minority stakes in ADNOC services companies, he said, adding "ADNOC at a holding level will remain wholly owned by the Abu Dhabi government."
ADNOC is creating a "new type of NOC" with a new approach to partnerships, an enhanced capital structure and revised management of its asset portfolio to unlock value, he went on.
"This new approach will underpin our 2030 strategy, unlocking better performance upstream, more valuable downstream and more economic and sustainable gas supply," he said, adding that ADNOC envisages cutting drilling time by 30 per cent. He noted the "unprecedented" interest in the upcoming offshore concessions, and highlighted efforts to access undeveloped gas reservoirs. Meanwhile downstream, ADNOC is looking to grow refining capacity by 60 per cent and triple petrochemicals production, with Ruwais set to be the single largest integrated petrochemicals complex in the world. Once completed, this will allow 20 per cent of crude to be converted to chemicals, acting as a hedge against oil price fluctuations, and ensuring an expanded portfolio of products.
These initiatives are part of an "integrated effort to deliver shareholder value, strengthen the UAE economy and set the benchmark for success in a modern energy company," said the Minister, adding that harnessing technology and developing human capital will also be crucial to transformation and success.
The opening ceremony was also addressed by HE Suhail Mohamed Al Mazrouei, UAE Minister of Energy, who hailed the plans for the IPO as evidence of the UAE's forward-looking vision and planning for the future.
