DUBAI, Dec 13 (Reuters) – Abu Dhabi National Oil Company (ADNOC) has invited investment banks to bid for roles in the initial public offering (IPO) of its gas business next year, two sources told Reuters. familiar with this issue.
Bankers familiar with the matter said a request was sent to a select number of banks last week for proposals to act as joint global coordinators and bookrunners to the IPO, joining Goldman Sachs as part of a syndicate. planned.
ADNOC declined to comment.
ADNOC is combining its gas processing arm and its liquefied natural gas (LNG) subsidiary into a single listed entity and has engaged Goldman Sachs in the deal, two other sources told Reuters last month.
ADNOC said on November 28 that the consolidation of the two units would create one of the largest gas processing companies in the world with a processing capacity of about 10 billion standard cubic meters per day.
ADNOC is emphasizing its focus on the gas market as Europe seeks to replace all Russian energy imports from mid-2024 following supply cuts since Western sanctions were imposed on Moscow over its invasion of Ukraine.
ADNOC plans to offer investors a minority stake in the new company through an IPO on the Abu Dhabi Stock Exchange next year.
Reporting by Hadeel Al Sayegh Editing by Mark Potter
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