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UAE oil giant to float stake in fuel station subsidiary

AFP  |  Abu Dhabi 

The National Company is to float a minority stake in one of its subsidiary companies for the first time, ADNOC chairman Sultan Al-Jaber said today.

Abu Dhabi, the capital of the United Arab Emirates, is following in the footsteps of neighbouring kingpin Saudi Arabia, which plans to float up to five percent of its national company Aramco.

"I am pleased to announce the floating of a minority stake in the leading fuel distribution company, ADNOC Distribution," Jaber told the annual ADIPEC oil conference and exhibition, without saying when this would happen.

He said the initial public offering will be listed on the Securities Exchange, the third largest bourse in the

The IPO will be open to both domestic and international investors, Jaber said.

He did not provide details about the size of the IPO, but insisted that parent company ADNOC will "remain wholly owned by the of Abu Dhabi".

One of the seven emirates comprising United Arab Emirates, holds more than 90 percent of the 98 billion barrels of crude reserves in It pumps just over 2.75 million barrels per day.

ADNOC Distribution is the UAE's largest operator of retail fuel service stations and the sole retail fuel operator in the emirates of Abu Dhabi and Sharjah.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, November 13 2017. 16:48 IST