Abu Dhabi oil company to put fuel stations on stock market
DUBAI, United Arab Emirates (AP) — The state-run Abu Dhabi National Oil Co. will put a minority stake in its gas station subsidiary up on the local stock market.
The company made the announcement on Monday, saying at least 10 percent of ADNOC Distribution will go onto the Abu Dhabi Securities Exchange pending regulatory approval.
The division operates 360 gas stations and 235 convenience stores across the United Arab Emirates, a federation of seven sheikhdoms on the Arabian Peninsula.
The announcement comes as the region’s state-run oil companies look toward stock market offerings to boost their cash.
The biggest of them all is being considered in Saudi Arabia. The kingdom is considering putting shares in the Saudi Arabian Oil Co., its state-run behemoth known as Saudi Aramco, on the local stock exchange and on one abroad.