UAE oil giant to sell 15% stake in Adnoc Logistics

UAE oil giant to sell 15% stake in Adnoc Logistics

ALBAWABA – The main energy company in Abu Dhabi, the capital of the United Arab Emirates (UAE), announced on May 10 that it will be selling 15% of its equity shares in the Adnoc logistics unit, according to Bloomberg.

Adnoc (Abu Dhabi National Oil Company) will offer about 1.11 billion shares in Adnoc Logistics and Services (L&S), to be traded June 1, in an initial public offering (IPO).

The price range has yet to be announced, according to the statement carried by Bloomberg.