Abu Dhabi’s ADNOC working with Goldman Sachs on fuel enterprise, sources say By Reuters

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© Reuters. FILE PHOTO: The Goldman Sachs firm emblem is on the ground of the New York Inventory Trade (NYSE) in New York Metropolis, U.S., July 13, 2021. REUTERS/Brendan McDermid/File Picture

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By Hadeel Al Sayegh

DUBAI (Reuters) – Abu Dhabi Nationwide Oil firm (ADNOC) has engaged Goldman Sachs (NYSE:) to work on consolidation of its fuel operations for a deliberate inventory market flotation subsequent yr, two sources near the transaction instructed Reuters.

ADNOC is sharpening its give attention to the fuel market as Europe seeks to exchange all Russian vitality imports as early as mid-2024 after gradual provide cuts since Western sanctions had been imposed on the nation over its invasion of Ukraine.

The U.S. funding financial institution is engaged on combining ADNOC’s fuel processing arm and its liquified (LNG) subsidiary right into a single listed entity, the sources mentioned, declining to be named as a result of the matter was not public.

Each ADNOC and Goldman Sachs declined to touch upon Tuesday.

ADNOC’s board gave the inexperienced mild on Monday for the creation of ADNOC Fuel, consolidating its two fuel companies.

The corporate plans to supply traders a minority stake within the new firm by way of an preliminary public providing on the Abu Dhabi Securities Trade subsequent yr.

ADNOC is taking a look at new energies, low-carbon fuels similar to ammonia and hydrogen, in addition to LNG and chemical substances integrated into a brand new enterprise unit alongside the group’s upstream and downstream companies.

Chief Government Sultan al-Jaber has been the primary architect of a change technique the corporate launched into greater than 4 years in the past, monetising property such because the listings of petrochemicals firm Borouge, fertilisers and clear ammonia merchandise maker Fertiglobe and ADNOC Drilling.

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