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Highlights

Fuel retailer free float will rise 20% on Abu Dhabi bourse

ADNOC will retain 80% stake in ADNOC Distribution

Fuel retailer's $851 mil IPO in 2017 is ADNOC's first unit flotation

Dubai — Abu Dhabi National Oil Co., the UAE's biggest energy producer, has raised $1 billion from institutional placement of 10% of shares of its publicly-listed fuel retailer unit as the national oil company continues to monetize its assets.

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ADNOC sold 1.25 billion shares in ADNOC Distribution at Dirhams 2.95 (80 cents) a share to a group of investors, raising the fuel retailers' free float to 20% on the Abu Dhabi Securities Exchange, ADNOC said in a statement Sept. 14. ADNOC floated 10% of ADNOC distribution in 2017, the company's first IPO of a subsidiary that raised $851 million. ADNOC will retain 80% ownership of ADNOC Distribution, the country's biggest fuel retailer.

"We saw significant investor demand in ADNOC Distribution shares and quickly and efficiently responded through an institutional placement," said Sultan al-Jaber, ADNOC Group CEO.

ADNOC inked earlier this month a $5.5 billion deal for its real estate assets with a consortium of investors led by Apollo Global Management, its third such transaction since 2019, as it continues to monetize units to fund other key projects.

The Apollo-led consortium will acquire a 49% stake in ADNOC unit, Abu Dhabi Property Leasing Holding Co, with ADNOC retaining a 51% stake in ADPLHC, which will hold long-term leasehold interests underpinned by a portfolio of assets in oil-rich Abu Dhabi, ADNOC said Sept. 2.

Gas, oil deals

Since 2019, ADNOC has been monetizing its oil and gas assets as it seeks to unlock cash to fund strategic projects, which include increasing oil output capacity to 5 million b/d by 2030, from around the current 4 million b/d.

In June, ADNOC inked a deal worth more than $10 billion with a group of investors to sell a 49% stake in its gas pipelines a year after striking a similar transaction for its oil pipelines.

A consortium grouping Global Infrastructure Partners, or GIP, Brookfield Asset Management, Singapore's sovereign wealth fund GIC, Ontario Teachers' Pension Plan Board, South Korea's NH Investment & Securities and Italy's Snam will invest in select ADNOC gas pipeline assets valued at $20.7 billion, ADNOC said in a statement on June 23. ADNOC will get upfront proceeds of more than $10 billion from the transaction, subject to regulatory approvals.

ADNOC last year clinched a $5 billion deal with a consortium that includes GIC, BlackRock Inc., KKR & Co and Abu Dhabi Retirement Pensions and Benefits Fund, to sell them select pipeline infrastructure and collectively hold a 49% stake in ADNOC Oil Pipelines, a subsidiary of the parent company.

ADNOC Oil Pipelines will lease the national oil company's interest in 18 pipelines and give rights to transport crude and condensate from the company's onshore and offshore concessions over 23 years.

The transaction was the first midstream partnership between institutional investors and a Middle East national oil company.