ADNOC mulls a public offering for its drilling business
By Dinesh Nair, Archana Narayanan, Anthony Di Paola on 4/14/2021
ADNOC drilling crew
(Bloomberg) --Abu Dhabi is accelerating plans to sell shares in some oil and gas businesses as the government seeks to deepen its financial markets and diversify its sources of funding.
The state energy company, Abu Dhabi National Oil Co., is considering initial public offerings of its drilling business and a fertilizer joint venture called Fertiglobe, according to people with knowledge of the plans. The deals could raise more than $1 billion each, according to the people.
Petrostates in the Persian Gulf are trying to bolster their economies after they were hit last year by coronavirus lockdowns and the crash in oil prices. They also want to diversify from fossil fuels by using money raised from their oil assets to invest in other industries.