A man rides a motorcycle near an ADNOC petrol station in Abu Dhabi, United Arab Emirates July 10, 2017.
Abu Dhabi National Oil Company (ADNOC), the United Arab Emirates (UAE) oil giant, said Monday which plans to sell at least 10 percent of its stake in its fuel retail business in an initial public offering (IPO) next month.
The listing will be on the Abu Dhabi bourse along with is actually expected before the end of 2017, the company said in a statement.
The announcement by ADNOC, which controls nearly all of the proven oil reserves from the United Arab Emirates, comes at a time when Abu Dhabi along with additional Gulf States are privatizing energy assets in order to compete in an era of cheap crude.
ADNOC has been from the midst of a major restructuring since Sultan Al-Jaber was appointed as the company’s chief executive last year.