Reuters reported on November 13 that Abu Dhabi National Oil Company (ADNOC) plans to sell at least 10% of the fuel supply business in Abu Dhabi's IPO.
Saudi Arabia and Oman began to seek privatization of energy assets long before details of the listing were issued by Petrol Corp of Abu Dhabi. Abu Dhabi Chief Executive Officer Jaber said at an energy conference recently that at the controlling level, the government of Abu Dhabi will continue to own the majority stock of Abu Dhabi National Oil. Another source said PetroChina and Abu Dhabi National Oil signed a memorandum of cooperation recently, plans to continue to increase cooperation in oil and gas block, gas field development, oil storage facilities and other potential oil and gas projects.
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