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.
Publishing date: Apr 14, 2021 • 1 hour ago • 4 minute read •
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(Bloomberg) Saudi Arabia is celebrating one of the biggest foreign-investment windfalls in its history after netting more than $12 billion by selling off a stake in the oil pipelines that traverse the desert kingdom.
But the country may also be facing an uncomfortable reality as a result. As carefully cultivated relationships with firms such as BlackRock Inc. and SoftBank Group Corp. have yet to draw in the desired investment, it’s turning to the jewels of its energy industry to attract new money.
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Publishing date: Mar 31, 2021 • 10 hours ago • 5 minute read •
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(Bloomberg) Dealmaking came roaring back in the first quarter, climbing to a record $1.1 trillion as big acquirers moved past the pandemic slowdown and blank-check companies snapped up targets.
It’s the best start of the year since at least 1998, according to data compiled by Bloomberg.
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Mergers and acquisitions soared in every region, with North America acquirers leading the way with $644 billion of transactions. Deals by European buyers rose 41% to $286 billion, while companies in Asia Pacific spent $261 billion.
UAE mulls sale of Taqaâs oil and gas assets, focusing on power generation By Dinesh Nair on 3/17/2021
Taqa s assets would likely bring less in a sale than they cost to assemble.
(Bloomberg) - Abu Dhabi National Energy Co. is considering options for its oil and gas assets, including a potential sale, as the state-owned utility focuses more on power generation, people familiar with the matter said.
The company, also known as Taqa, is speaking with potential advisers as it reviews a business that spans countries including the UK and Canada, the people said, asking not to be identified as the matter is private. Taqaâs oil and gas portfolio could be worth substantially less than the billions of dollars it spent to build it, the people said.
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