EXCLUSIVE Abu Dhabi’s ADNOC weighs IPO of logistics and services unit next year- sources – Reuters

EXCLUSIVE Abu Dhabi’s ADNOC weighs IPO of logistics and services unit next year- sources – Reuters

DUBAI, Nov 21 (Reuters) - State oil firm Abu Dhabi National Oil Company (ADNOC) is weighing an initial public offering (IPO) of its marine services, logistics and shipping arm next year, two sources familiar with the matter told Reuters.

ADNOC Logistics & Services (ADNOC L&S) has been selected for a potential float in Abu Dhabi in 2022, said the sources, declining to be named as the matter is not public.

A deal could follow after testing investor appetite and market conditions, they said.

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ADNOC declined to comment when contacted by Reuters on Sunday.

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ADNOC, which supplies nearly 3% of global oil demand, is seeking to extract value from businesses it owns and divest assets seen as non-core businesses.

It is also taking advantage of a rally on the Abu Dhabi equities index (.ADI), which is up about 65% this year, the best-performing market in the Gulf region.

ADNOC