Adnoc has chosen banks to lead an IPO of its natural gas business next year, people with knowledge of the matter said.
State-owned Adnoc picked Goldman Sachs, Bank of America and First Abu Dhabi Bank as joint global coordinators of the proposed share sale, the people said, asking not to be identified because the information is private.
The deal is set to become one of Abu Dhabi’s largest-ever listings.
Adnoc Gas IPO
It said it will sell a minority share of the business, to be called Adnoc Gas, through an Abu Dhabi IPO in 2023.
Deliberations are ongoing, and details of the potential listing could change, the people said.
Adnoc is also inviting banks to pitch for bookrunner roles on the offering, the people said.
Representatives for Abu Dhabi National Oil Co, Goldman Sachs and Bank of America declined to comment.
A spokesperson for FAB didn’t immediately respond to a request for comment outside regular business hours.
Adnoc Gas will be one of the world’s largest gas-processing entities with a capacity of 10 billion cubic feet a day across eight onshore and offshore sites.
It will have a pipeline network of more than 3,250 kilometers (2,019 miles).
Japan’s Mitsui & Co., BP and TotalEnergies own stakes in Abu Dhabi National Oil Co’s LNG arm, while its gas processing business counts Total, Shell and Thailand’s PTT as minority shareholders.
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