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Emirati-based ADNOC intends to offer a 4% stake in ADNOC Gas, its global gas processing, operating and marketing company, for an initial public offering on the Abu Dhabi Stock Exchange.\n <\/p>\n

The move follows a similar 2019 IPO by Saudi oil giant Aramco, which raised about $30 billion, and comes months before UN climate talks are due to take place in the UAE this year.<\/p>\n

ADNOC owns 95% of the UAE’s natural gas reserves, which are the seventh largest in the world. It supplies gas to more than 60% of the domestic market and exports to more than 20 countries around the world. The company posted a net profit of $4.2 billion in the first 10 months of 2022, compared to $3.6 billion in all of 2021.<\/p>\n

It plans to list over 3 billion shares on the Abu Dhabi Stock Exchange for purchase by local investors starting February 23, 2023.<\/p>\n

For his part, Khaled Al Zaabi, CFO of ADNOC, said: \u201cADNOC Gas is the fifth company in which ADNOC has offered a minority market share over the past few years and we are pleased to offer local and international investors a profitable investment opportunity that allows them to participate in creating initiatives “and adding value in Abu Dhabi and ADNOC”.<\/p>\n

ADNOC boasts a total gas processing capacity of over 10 billion standard cubic feet per day and a liquid processing capacity of 29 million tons per year. And ADNOC announced the discovery of up to 2 trillion standard cubic feet of offshore gas in February 2022.<\/p>\n

Source: AB<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Emirati-based ADNOC intends to offer a 4% stake in ADNOC Gas, its global gas processing, operating and marketing company, for an initial public offering on the Abu Dhabi Stock Exchange. The move follows a similar 2019 IPO by Saudi oil giant Aramco, which raised about $30 billion, and comes months before UN climate talks are […]<\/p>\n","protected":false},"author":3,"featured_media":11360,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[7279,622,1653,7381,361,3491,1987],"class_list":["post-4785","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-adnoc","tag-announces","tag-company","tag-emiratibased","tag-gas","tag-sale","tag-stake"],"yoast_head":"\n