LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Business News » World News

ADNOC could list stake in fuel retail business in early 2018 - sources

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
Updated: Sun, Sep 10, 2017
06:53 pm
Reuters
RELATED NEWS
Expert Views: BIG! India's retail inflation eases to 4.59% in December Expert Views: BIG! India's retail inflation eases to 4.59% in December
Budget 2021 Expectations – HOME BUYERS to benefit if Govt accepts this demand; JLL CEO lists following demands Budget 2021 Expectations – HOME BUYERS to benefit if Govt accepts this demand; JLL CEO lists following demands
Jobs, land prices, Covid-19 vaccine, rural India, household savings, NBFCs, banks, consumption, capex - Positives and Negatives | EXPLAINED Jobs, land prices, Covid-19 vaccine, rural India, household savings, NBFCs, banks, consumption, capex - Positives and Negatives | EXPLAINED
Economy, markets, FIIs, chemicals, IT and Pharma - Make money, as India powers to new highs | EXPLAINED    Economy, markets, FIIs, chemicals, IT and Pharma - Make money, as India powers to new highs | EXPLAINED
Setback for China – Trend reversing in favour of India; SFI lands big blow! Know here WHY! Setback for China – Trend reversing in favour of India; SFI lands big blow! Know here WHY!

Abu Dhabi National Oil Co (ADNOC) could list more than 10 percent of its fuel retail business by early 2018 and one or two more businesses later as part of a major shake-up, sources familiar with the matter said.

The listing for ADNOC Distribution, which manages petrol stations and convenience stores across the United Arab Emirates (UAE) as well as bunkering facilities and a lubricant plant, comes as Abu Dhabi and other Gulf states are privatising energy assets in an era of cheap crude.

ADNOC said in July it planned to float stakes in some of its services businesses, but did not give details.

For ADNOC Distribution, Reuters reported in late July that banks had been mandated for the IPO, citing sources familiar with the matter.

"They are still working on it, there may be other services (to be listed) but it will not be that fast," said one source.

ADNOC may in future choose to float one or maximum two more businesses such as its drilling arm, National Drilling Company, or energy infrastructure if the IPO of ADNOC Distribution proves successful, several sources familiar with the firm`s plans said.

The partial privatisation plan aims to make ADNOC a more competitive and commercially-focused firm, more akin to other state-owned controlled peers, the sources said.

"It is not like it will be big selling off for big parts of the business," one said. "The value of this is when you take a company through the IPO process you make it efficient, you optimise it, it becomes a better company as a whole."

The listing of the fuel retailer business is likely to be on the Abu Dhabi stock exchange and could happen early next year, several sources told Reuters.

An ADNOC spokesman said: "As announced on July 10, ADNOC is expanding its partnership model and creating new investment opportunities across all areas of its value chain."

"Central to ADNOC`s new approach will be the more active management of its portfolio of assets and businesses. ADNOC is therefore considering the potential IPO of minority stakes of some of its services businesses which have attractive investment and growth profiles," the spokesman said.WIDER PLAN

Since the appointment of Sultan al-Jaber as ADNOC`s chief executive last year, ADNOC - dubbed "a sleeping energy giant" by one source - has launched a major shake-up.

A sharp drop in crude prices since mid-2014 has forced the oil industry to cut costs and look for ways to boost efficiency.

The transformation of ADNOC, a traditionally conservative firm, is also seen as part of an economic reform drive led by Abu Dhabi`s Crown Prince Sheikh Mohammed bin Zayed Al Nahyan.

"With (oil) prices not expected to increase much and production constrained by OPEC, Abu Dhabi needs to find alternative ways to get value out of its NOC (national oil company)," said Robin Mills, chief executive of UAE-based consultancy Qamar Energy.

"The approach is rather different from Aramco’s, with more focus on subsidiary IPOs, JVs (joint ventures), and bringing in outside financing into select assets. ADNOC has of course always had more attention on partnerships than most other NOCs via the upstream JVs."

Saudi Arabia plans to list 5 percent of its national oil company Aramco by next year.

ADNOC has already begun consolidating the operations of two oil companies into a new entity, and a merger of three of its shipping and marine services businesses is expected to be completed by the end of the year. It is looking to set up its own trading unit.

ADNOC produces some 3 million barrels of oil per day, or around 3 percent of global production. It also produces more than 9.8 billion cubic feet of raw gas per day, placing it among the largest energy producers in the world.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
RELATED NEWS
Expert Views: BIG! India's retail inflation eases to 4.59% in December Expert Views: BIG! India's retail inflation eases to 4.59% in December
Budget 2021 Expectations – HOME BUYERS to benefit if Govt accepts this demand; JLL CEO lists following demands Budget 2021 Expectations – HOME BUYERS to benefit if Govt accepts this demand; JLL CEO lists following demands
Jobs, land prices, Covid-19 vaccine, rural India, household savings, NBFCs, banks, consumption, capex - Positives and Negatives | EXPLAINED Jobs, land prices, Covid-19 vaccine, rural India, household savings, NBFCs, banks, consumption, capex - Positives and Negatives | EXPLAINED
Economy, markets, FIIs, chemicals, IT and Pharma - Make money, as India powers to new highs | EXPLAINED    Economy, markets, FIIs, chemicals, IT and Pharma - Make money, as India powers to new highs | EXPLAINED
Setback for China – Trend reversing in favour of India; SFI lands big blow! Know here WHY! Setback for China – Trend reversing in favour of India; SFI lands big blow! Know here WHY!

LATEST NEWS

TikTok, Chingari Short Video rival Moj App surpasses 100 mn downloads on Google Play Store in just 6 months

DRDO-developed Rakshita bike ambulance handed over to CRPF | Know key features of this emergency vehicle

Ind vs Aus: Cannot take anything for granted, never underestimate Indians, says Justin Langer

Anil Singhvi decodes correction in stock markets; know importance of today's market closing

Mindtree share price: ICICI Securities downgrades stock to ADD (from BUY), price target Rs 1661

Budget in A Minute: What is Capital Gains Tax? Anil Singhvi explains in short and simple terms

Vivo Y20G launched at under Rs 15000; Check price, colours, feature; know HDFC Bank, Bajaj Finserv, ICICI Bank offers

Goods and Services tax (GST) return: File your return for December by tomorrow or face penalty | Here are five easy steps to do it

India vs Australia: Will remember this series forever, tweets Ashwin, tags Paine after MAGICAL win

7th Pay Commission latest news: Salary Rs 67,700 to over Rs 2 lakh plus 7th CPC DA, HRA, TA; check this central government job offer at upsconline.gov.in

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved