H.E. Dr. Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO, has announced ADNOC’s intention to issue the first-ever IPO for one of its subsidiary companies.
He made this known in his keynote address at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) 2017.
H.E. Dr. Al Jaber outlined plans to issue an IPO for ADNOC Distribution, unlocking value for the ADNOC Group in accordance with its 2030 strategy. He also highlighted unprecedented interest in the renewal of Abu Dhabi’s offshore concessions, and pointed to further diversification and expansion of ADNOC’s downstream operations.
H.E. Dr Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO, said: “The fundamentals of the global economy are positive, the future is promising, and the state of our industry is very strong. Despite this positive outlook, we cannot ignore the shifting dynamics of global energy use. We must act nimbly, think creatively, and challenge our traditional business models, and at ADNOC we are facing the future to create a new type of National Oil Company.”
ADIPEC 2017 marks the event’s 20th edition and its largest to date, bringing together more than 2,200 exhibiting companies, 27 country pavilions, 900 speakers, 10,000 delegates, and 100,000 attendees from more than 125 countries.