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Abu Dhabi's Adnoc is said to consider IPO for shipping business

Adnoc, Abu Dhabi's national oil company, is allegedly considering an IPO for its shipping unit amid a broader strategy aimed at attracting investments to the emirate.

Photo: SaudiAramco

Abu Dhabi National Oil Co. is considering a plan to sell shares in its shipping unit as part of a broader strategy to attract investment into the emirate that pumps most of the crude in the United Arab Emirates, according to people with knowledge of the project.

State-run Adnoc is merging three maritime transport and service businesses and will only decide on whether to sell a minority stake in the new unit through an initial public offering once that transaction is done, said the people who asked not to be identified because the proposal is confidential. The new company would have to prove its attractiveness to investors and a sale is unlikely to go ahead before 2019, the people said.

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