ADNOC completes $2.84B share offering in gas unit in UAE

Post by: Bandan Preet

Photo: Reuters

Abu Dhabi National Oil Company (ADNOC), one of the biggest energy companies in the United Arab Emirates, announced on Friday that it had completed a major share sale in its ADNOC Gas unit. The offering, which raised $2.84 billion, is one of the largest stock sales in the region in recent years.

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According to ADNOC’s statement, the shares were priced at 3.40 dirhams each. This sale marks the biggest public offering in the Middle East and North Africa (MENA) region since Saudi Aramco’s massive $12.3 billion share sale in June.

The company’s decision to sell these shares is part of its strategy to attract investors and strengthen its position in the global energy market. ADNOC Gas plays a key role in supplying gas to various industries, and this offering is expected to bring more investment into the sector.

This share sale is seen as a significant move in the energy industry, reflecting the strong demand for ADNOC Gas shares and the confidence of investors in the company’s future growth.

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