Abu Dhabi’s ADNOC invites banks to pitch for gas business IPO 

Abu Dhabi National Oil Company (ADNOC) has invited investment banks to pitch for roles in the initial public offering (IPO) of its gas business next year, two sources familiar with the matter told Reuters.

Bankers familiar with the matter said a request was sent to a select number of banks last week for proposals to act as joint global coordinators and bookrunners in the IPO, to join Goldman Sachs as part of a planned syndicate.

ADNOC declined to comment.

ADNOC is combining its gas processing arm and its liquefied natural gas (LNG) subsidiary into a single listed entity, and has engaged Goldman Sachs on the deal, two other sources told Reuters last month, reported Reuters.

ADNOC said on Nov. 28 the consolidation of the two entities would create one of the world’s largest gas processing companies with a processing capacity of around 10 billion standard cubic feet per day.