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By Stanley Carvalho, Saeed Azhar and Hadeel Al Sayegh
ABU DHABI/DUBAI (Reuters) - Abu Dhabi's national oil company is weighing proposals from Goldman Sachs, First Abu Dhabi Bank, HSBC and JPMorgan for lead roles in the listing of its retail business as the emirate joins other Gulf states in privatising assets, sources familiar with the matter said.
Rothschild is separately in a strong position for an advisory role in a deal that could raise $1.5 to $2 billion, sources told Reuters.
The listing of Abu Dhabi National Oil Co's (ADNOC) Distribution business, which manages 300 petrol stations as well as convenience stores across the United Arab Emirates (UAE), is planned before the end of the year, one of the sources told Reuters.
ADNOC's listing could also stir the UAE's lacklustre IPO scene from its recent slumber. There have been only two IPOs so far in 2017 in the UAE, raising $348.5 million, and none at all last year, Thomson Reuters data shows.
Plans to list some of ADNOC's services businesses come as other Gulf states, such as Saudi Arabia and Oman, have also embarked on floating energy assets.
China Petroleum and Chemical Corp is planning to list its retail unit in Hong Kong as early as the end of this year in a multi-billion dollar deal, while Thailand's biggest energy company PTT is examining a proposal to list its retail business.
The pitching process for the ADNOC deal is under way after the unlisted group announced this week that it is looking to float some of its services businesses and enter tie-ups with global investors to help it create new revenue streams and secure more market access.
Ten banks have been invited to pitch for a role in the IPO,one of the sources said.
The banks either declined to comment or did not immediately respond to Reuters queries for comments.
ADNOC has no plans to list the holding company. State-owned ADNOC produces around 3 million barrels of oil per day and manages 95 percent of UAE's proven oil reserves and 92 percent of the country's gas reserves.
(Editing by Keith Weir)
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)