Abu Dhabi, UAE – ADNOC has announced its intention to float a 4 percent minority stake in ADNOC Gas, its gas processing, operations, and marketing company, on the Abu Dhabi Securities Exchange (ADX).
The offering is expected to open on February 23, subject to regulatory approvals and other relevant considerations.
ADNOC Gas, formed in January 2023 through the consolidation of ADNOC’s gas processing and LNG businesses, is a large-scale integrated business operating across the gas value chain.
With an access to capacity of around 10 billion standard cubic feet of gas per day (bscfd), the company serves a wide range of domestic and international customers with an expanding portfolio of products, supplying around 60 percent of the UAE’s gas needs and exporting natural gas and related products to a diverse customer base in over 20 countries.
Global demand for gas is expected to grow as the world looks to further decarbonise its energy systems.
,“We are very pleased to announce our intention to float a minority stake in ADNOC Gas, our world-class gas processing, operations and marketing company,” Commenting on the launch of the ADNOC Gas IPO process, Khaled Al Zaabi, Group CFO of ADNOC said.
“Natural gas is central to the energy transition and as the UAE’s gas champion, ADNOC Gas is well-positioned to responsibly harness our significant natural gas resources, while driving efficiencies, delivering value, and reliably supplying this key fuel to meet the world’s growing energy needs.
ADNOC Gas’s twelve-month adjusted revenues to October 2022 totaled $24.9 billion, with the company delivering adjusted EBITDA of $8.7 billion and net income of $4.8 billion over the same period.
The company expects to pay a dividend of $3.25 billion relating to our financial performance in the year ended December 31, 2023.