ADNOC announces intention to float 4% minority stake in ADNOC Gas on ADX

ADNOC has announced its intention to float a 4% minority stake in ADNOC Gas, its world-class gas processing, operations and marketing company, on the Abu Dhabi Securities Exchange (ADX).

The offering is expected to open on 23rd February, subject to regulatory approvals and other relevant considerations.

ADNOC Gas (the Company), formed in January 2023 through the consolidation of ADNOC’s gas processing and LNG businesses, is a world-class, large-scale integrated business operating across the gas value chain.

A leading global player with access to capacity of around 10 billion standard cubic feet of gas per day (bscfd), the Company serves a wide range of domestic and international customers with an expanding portfolio of products, supplying around 60% of the UAE’s gas needs and exporting natural gas and related products to a diverse customer base in over 20 countries.

Global demand for gas is expected to continue to grow as the world looks to further decarbonise its energy systems, and ADNOC Gas is expanding its capacity to meet increasing global demand, support UAE gas self-sufficiency and industrial expansion, and expand LNG capacity.

Commenting on the launch of the ADNOC Gas IPO process, Khaled Al Zaabi, Group CFO of ADNOC, said, “We are very pleased to announce our intention to float a minority stake in ADNOC Gas, our world-class gas processing, operations and marketing company.

“Natural gas is central to the energy transition and as the UAE’s gas champion, ADNOC Gas is well-positioned to responsibly harness our significant natural gas resources, while driving efficiencies, delivering value, and reliably supplying this key fuel to meet the world’s growing energy needs.

“This is the fifth occasion where we are bringing an ADNOC company to the market in as many years, and we are delighted to once again offer international and local investors a highly compelling investment opportunity, allowing shareholders to partake in ADNOC and Abu Dhabi’s ongoing value creation journey.”

ADNOC Gas has an umatched asset base with a pipeline of capital projects that will ensure strong growth, and attractive returns for shareholders. Twelve-month adjusted revenues to October 2022 totalled $24.9 billion, with ADNOC Gas delivering adjusted EBITDA of $8.7 billion and net income of $4.8 billion over the same period.

The Company expects to pay a dividend of $3.25 billion relating to our financial performance in the year ended 31st December 2023.

Details of the Offering will be included in an Arabic-language prospectus (the UAE Prospectus) and public subscription announcement (the Public Announcement) and an English-language International Offering Memorandum. The UAE Prospectus and the Public Announcement will be published today, and the International Offering Memorandum is expected to be published in due course.

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