ADNOC and Goldman Sachs cooperate in the gas sector
2022.11.29 08:06
ADNOC and Goldman Sachs cooperate in the gas sector
Budrigannews.com – Goldman Sachs has been hired by Abu Dhabi National Oil Company (ADNOC) (NYSE): to work on consolidating its gas operations in preparation for a planned stock market flotation next year, according to two Reuters sources.
As Europe seeks to replace all Russian energy imports as early as mid-2024 after gradual supply cuts since Western sanctions were imposed on the country for its invasion of Ukraine, ADNOC is focusing more on the gas market.
The sources, who declined to be named because the matter was not public, said that the U.S. investment bank is working on combining ADNOC’s gas processing arm and its liquified (LNG) subsidiary into a single listed entity.
On Tuesday, Goldman Sachs and ADNOC both declined to comment.
Monday, ADNOC’s board approved the merger of its two gas businesses into a single entity known as ADNOC Gas.
Through an IPO next year on the Abu Dhabi Securities Exchange, the company intends to offer investors a minority stake in the new company.
Along with the group’s upstream and downstream businesses, ADNOC is looking into new energies, low-carbon fuels like ammonia and hydrogen, LNG, and chemicals that will be integrated into a new business unit.
The company’s transformation strategy, which began more than four years ago with the listing of petrochemicals company Borouge, fertilisers and clean ammonia products manufacturer Fertiglobe, and drilling company ADNOC, was led by Chief Executive Officer Sultan al-Jaber.
