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UAE's ADNOC considers selling stake in gas unit, Bloomberg News reports
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UAE's ADNOC considers selling stake in gas unit, Bloomberg News reports
Nov 22, 2024 7:59 AM

Nov 22 (Reuters) - United Arab Emirates energy giant Abu

Dhabi National Oil Co. (ADNOC) is considering selling 3-5% of

Adnoc Gas, Bloomberg News reported on Friday,

citing people familiar with the matter.

The deal, which could be worth billions of dollars, is

expected to be announced in the coming days, according to the

Bloomberg report.

No final decisions have been made on the size or timing,

and the company could decide against an offer if market

conditions are not favorable, Bloomberg reported.

ADNOC and Adnoc Gas did not immediately respond to

Reuters' requests for comment.

ADNOC

raised $935 million

in May by selling a 5.5% stake in its drilling unit to

institutional investors.

(Reporting by Pretish M J in Bengaluru; Editing by Anil

D'Silva)

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