Adnoc Drilling, a subsidiary of state-controlled giant Abu Dhabi National Oil Company, on Monday said it plans to list on the local stock exchange, selling at least a 7.5% stake in the company via an initial public offering (IPO).
Adnoc’s IPO plans for its drilling unit will be its second offering after it listed its downstream subsidiary Adnoc Distribution in 2017 on the ADX (Abu Dhabi Securities Exchange).
State-owned oil and gas giants in the Middle East are increasingly selling stakes in their key assets, aimed at diversifying their oil-dependent economies and raising cash for their expansion plans.
