ADNOC eyes logistics, shipping arm's IPO

ADNOC eyes logistics, shipping arm's IPO

The Abu Dhabi National Oil Company (ADNOC) is considering an initial public offering for ADNOC Logistics & Services (ADNOC L&S) in 2022, sources told Reuters. The sources announced that ADNOC L&S could be floated in Abu Dhabi following the test of investor appetite and market conditions. ADNOC L&S supports the entire oil and gas supply chain in the UAE through three major business sectors: shipping, integrated logistics, and marine services. It is noteworthy to mention that in early October, by offering 1.76 billion ordinary shares, equivalent to 11% of the company's total issued share capital on the IPO.