ADNOC plans to raise $1.6 billion by issuing stocks and bonds

China Petrochemical News Network reported on May 26 that the Abu Dhabi National Petroleum Corporation plans to raise US$1.

Abu Dhabi National Oil Company will issue 375 million ADNOC Distribution PJSC shares at a price of 4.

Abu Dhabi, the capital of the United Arab Emirates, has almost all of the oil and gas reserves of OPEC members.

In 2017, ADNOC sold 10% of its retail subsidiary through an initial public offering on the local exchange.

ADNOC said that the latest stock sale and final bond conversion will increase the number of stocks on the market by about 10%.

Citigroup and First Abu Dhabi Bank are responsible for the management of ADNOC's issuance of shares.

Since 2016, ADNOC has been restructuring its business by introducing investors into its operations and infrastructure.

Zhu Jiani, translated from World Petroleum

The original text is as follows:

    ADNOC plans to raise $1.

    Abu Dhabi's state oil firm plans to raise $1.

    Abu Dhabi National Oil Co.

    Abu Dhabi, capital of the United Arab Emirates, contains almost all the OPEC member's hydrocarbon reserves.

    ADNOC sold 10% of the retail subsidiary in 2017 via an initial public offering on the local bourse.

    The latest share sale and the eventual bond conversion would add up to about 10% of additional stock being put on the market, ADNOC said.

    Citigroup Inc.

    Since 2016 ADNOC has been restructuring its business by bringing investors into its operating units and infrastructure.