Abu Dhabi plans to sell a roughly 4% stake of its natural-gas business in an IPO, the latest in a wave of mega listings across the Gulf region
DUBAI—The United Arab Emirates’ national energy company plans to sell a stake of about 4% of its natural-gas business in an initial public offering that it hopes will raise $2 billion, as Middle East petrostates increase plans to supply Europe.
Adnoc Gas was formed earlier this year after Adnoc combined its liquefied-natural gas and gas-processing arms as part of a push to boost output and trading of liquefied natural gas. Abu Dhabi recently delivered its first shipment of LNG to Germany, asafter shunning its main supplier of gas, Russia, over the invasion of Ukraine.
“Natural gas is central to the energy transition,”said Khaled Al Zaabi, acting group chief financial officer of Adnoc.
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