ADNOC Logistics & Services tipped to go public

ADNOC Logistics & Services (ADNOC L&S), the shipping and maritime logistics arm of the state-owned Abu Dhabi National Oil Company (ADNOC), could be floated next year.

ADNOC is said to be planning an initial public offering (IPO) in Abu Dhabi, and a deal might be struck after evaluating investor interest and market conditions, Reuters reported, citing two sources familiar with the matter.

ADNOC L&S operates a fleet of over 240 owned and chartered vessels and has a 25-year exclusive agreement to service all petroleum ports in Abu Dhabi. Its owned fleet is worth around $2bn, according to VesselsValue.

In September ADNOC offered 11% shares in its drilling unit on the Abu Dhabi Securities Exchange (ADX), which raised more than $1.1bn. The company also raised close to $800m in October when its chemicals business OCI launched the public share sale of its fertiliser venture Fertiglobe.