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☆ ADNOC German oil deal has bad timing, good logic
▼ + stars: | 2023-11-28 | by ( Karen Kwok | ) www.reuters.com time to read: +4 min

Abu Dhabi National Oil Company (ADNOC), the state-owned Abu Dhabi oil giant he runs, is considering a bid for BASF-owned (BASFn.DE) Wintershall Dea, at a potential $11 billion valuation. The UAE firm is already in talks to buy chemical company Covestro (1COV.DE), Wintershall’s German compatriot, for $12 billion. Abu Dhabi's oil riches mean the UAE firm has the wherewithal to pay 5.5 billion euros for BASF’s Wintershall stake. Any deal could value Wintershall Dea at more than 10 billion euros ($11 billion), Bloomberg reported. BASF holds a 72.7% stake in Wintershall Dea.

Persons: Toru Hanai, Wintershall, Jaber, It’s, Austria’s, Abu, LetterOne, George Hay, Streisand Neto Organizations: REUTERS, Reuters, Abu Dhabi National Oil Company, BASF, The, Shell, Russian, Reuters Graphics Reuters, Abu, National Oil Company, Bloomberg, Wintershall Dea . Investment, Thomson Locations: Gastech, Chiba, Japan, Abu Dhabi, The UAE, Germany, Norway, UAE, Europe, United Kingdom, Abu, Russia, Wintershall Dea

☆ ADNOC has upper hand in $30 bln plastics M&A
▼ + stars: | 2023-07-24 | by ( Karen Kwok | ) www.reuters.com time to read: +4 min

The complex ownership structure and the involvement of two governments make it intriguing to see who holds the whip hand. ADNOC owns 54% of Abu Dhabi-listed Borouge, while 36% of the same company is held by Borealis, with other investors accounting for the other 10%. Meanwhile ADNOC owns 25% of Borealis, while OMV holds the other 75%. Strip out Borouge's dividend, and Borealis would be worth $10 billion, Deutsche Bank reckons. ADNOC’s 63% Borouge stake and 25% Borealis stake are thus worth $14 billion and $2.5 billion respectively; OMV’s 27% Borouge stake and 75% Borealis holding are worth $6 billion and $7.5 billion.

Persons: ADNOC, OMV, Goldman Sachs, China's Sinopec, Saudi Arabia's SABIC, Abu Dhabi, Abu Dhabi’s, George Hay, Pranav Kiran Organizations: Reuters, Abu, Abu Dhabi National Oil Company, Borealis, Reuters Graphics Reuters, Deutsche Bank, Abu Dhabi National Oil Co, OMV, ADNOC, Thomson Locations: Abu Dhabi, Austrian, Borealis, Borouge, Saudi, India, Abu, Europe, Vienna, ADNOC

[1/2] A general view of ADNOC headquarters in Abu Dhabi, United Arab Emirates May 29, 2019. REUTERS/Christopher Pike/File PhotoJune 20 (Reuters) - Abu Dhabi National Oil Company (ADNOC) has approached German plastics and chemicals maker Covestro AG (1COV.DE) with a takeover proposal worth more than 10 billion euros ($10.9 billion), two people familiar with the matter said on Tuesday. The OMV deal would indirectly also increase ADNOC's holding in both European petrochemicals maker Borealis and Abu Dhabi-listed petrochemicals company Borouge (BOROUGE.AD). SABIC (2020.SE), also of Saudi Arabia, in the same year purchased a stake of almost 25% in Swiss chemicals maker Clariant (CLN.S). Thanks to a 2007 deal to buy GE's plastics unit, SABIC competes with Covestro in polycarbonate plastics.

Persons: Christopher Pike, Abu Dhabi's, ADNOC, Sultan, Jaber, Lanxess, SABIC, Ludwig Burger, Patricia Weiss, Christoph Steitz, Hadeel Al, Greg Roumeliotis, Louise Heavens, Sharon Singleton, Elisa Martinuzzi, Alexandra Hudson Organizations: United, United Arab Emirates, REUTERS, Abu Dhabi National Oil Company, Covestro, Alexandra Hudson Our, Thomson Locations: Abu Dhabi, United Arab, Covestro, Europe, Saudi Aramco, Saudi Arabia, Swiss, Frankfurt, Hadeel Al Sayegh, Dubai

[1/2] A general view of ADNOC headquarters in Abu Dhabi, United Arab Emirates May 29, 2019. ADNOC and Covestro declined to comment. The OMV deal would indirectly also increase ADNOC's holding in both European petrochemicals maker Borealis and Abu Dhabi-listed petrochemicals company Borouge (BOROUGE.AD). SABIC (2020.SE), also of Saudi Arabia, in the same year purchased a stake of almost 25% in Swiss chemicals maker Clariant (CLN.S). Thanks to a 2007 deal to buy GE's plastics unit, SABIC competes with Covestro in polycarbonate plastics.

RIYADH/DUBAI, Feb 28 (Reuters) - Saudi Basic Industries Corp (SABIC) (2010.SE), one of the world's biggest petrochemical companies, said on Tuesday its fourth-quarter net profit slumped 94% on lower average sales prices. The company posted a net income of 290 million riyals ($77.28 million) in the three-month period ended Dec. 31, down from 4.97 billion a year earlier. SABIC's shares fell 4% to 88 riyals in early trade in Riyadh following the results. Demand from China, which ended its strict pandemic-related controls in early December, could return in the second quarter or second half of 2023, SABIC's acting Chief Executive Abdulrahman Al-Fageeh said. Net income attributable to shareholders for the year 2022 was 16.53 billion riyals, down 28% from the previous year.

☆ Abu Dhabi's ADNOC looks to raise up to $2 bln from IPO of gas unit
▼ + stars: | 2023-02-23 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +2 min

[1/3] An Emirati man is seen near the logo of ADNOC in Ruwais, United Arab Emirates May 14, 2018. REUTERS/Christopher PikeDUBAI, Feb 23 (Reuters) - State oil giant Abu Dhabi National Oil Co (ADNOC) said on Thursday it has set a price range for an initial public offering (IPO) of its gas unit that could raise up to $2 billion and give ADNOC Gas an equity valuation of $47 billion to $50.8 billion. ADNOC is selling roughly 3 billion shares in its gas business, equivalent to about 4% of its issued share capital. At the top of the range, ADNOC would raise roughly $2 billion from the sale, according to Reuters calculations. Over the past two years, ADNOC has listed petrochemicals company Borouge (BOROUGE.AD), fertilisers and clean ammonia products maker Fertiglobe (FERTIGLOBE.AD), and ADNOC Drilling (ADNOCDRILL.AD).

☆ UAE gas IPO’s $50 bln valuation looks like a floor
▼ + stars: | 2023-02-22 | by ( Karen Kwok | ) www.reuters.com time to read: +3 min

LONDON, Feb 22 (Reuters Breakingviews) - The United Arab Emirates’ bumper gas listing inevitably invites comparisons with Saudi Aramco (2222.SE). As with the five other subsidiaries which ADNOC has listed, including its distribution arm and Borouge (BOROUGE.AD), ADNOC Gas comes with juicy shareholder payouts. While ADNOC Gas benefits from a 25-year agreement with its parent to provide gas for its needs, ADNOC takes a share of the resulting profit. That said, with over two thirds of its gas serving local customers who contribute one-third of its operating profit after tax, ADNOC Gas earnings are arguably more predictable. ADNOC Gas envisages an equity valuation of at least $50 billion, people familiar with the situation told Reuters Breakingviews.

☆ ADNOC to float 4% of its gas business in IPO - statement
▼ + stars: | 2023-02-17 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +2 min

DUBAI, Feb 17 (Reuters) - ADNOC will sell 4% of it gas business in an initial public offering (IPO), according to a newspaper notice and an emailed statement on Friday. ADNOC holds a 95% stake in ADNOC Gas, and prior to the offering, it transferred 5% of the share capital of ADNOC GAS to Abu Dhabi National Energy Company. (TAQA.AD)Following the IPO, ADNOC is expected to own roughly 91% of ADNOC Gas. Should the deal go through, ADNOC Gas expects to target payments of dividends of $1.625 billion in the fourth quarter of this year for the first half of 2023, according to a ADNOC Gas intention to float document emailed on Friday. ADNOC Gas plans to offer a further $1.625 billion in the second quarter of 2024 for the second half of 2023.

☆ Abu Dhabi's ADNOC to float 4% of gas business - sources
▼ + stars: | 2023-02-16 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +1 min

DUBAI, Feb 16 (Reuters) - Abu Dhabi National Oil Company (ADNOC) plans to float 4% of its gas business in an initial public offering, two sources told Reuters on Thursday. The state oil giant made the decision on ADNOC Gas ahead of the official announcement of the IPO expected on Friday, said the sources, declining to be named as the matter is not public. Sources told Reuters last month that ADNOC was eyeing a valuation of at least $50 billion for its gas business, which would translate to proceeds from the IPO of roughly $2 billion, according to Reuters calculations. The company announced in November it was combining its gas processing arm and its liquefied natural gas (LNG) subsidiary into a single listed entity. Over the past two years, ADNOC has listed petrochemicals company Borouge (BOROUGE.AD), fertilisers and clean ammonia products maker Fertiglobe (FERTIGLOBE.AD), and ADNOC Drilling (ADNOCDRILL.AD).

☆ ADNOC eyes valuation of at least $50 bln for its gas business - sources
▼ + stars: | 2023-01-30 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +3 min

The state oil giant announced in November it was combining its gas processing arm and its liquefied natural gas (LNG) subsidiary into a single listed entity. ADNOC is eyeing a valuation of at least $50 billion for ADNOC Gas, though deliberations over valuations have not finalised and the company is yet to determine the size of the offering, said the sources close to the matter, declining to be named as the matter is not public. They said an initial public offering of ADNOC Gas could launch as soon as February, ahead of a slowdown in market activity during the Muslim fasting month of Ramadan which begins end of March. At $50 billion and above, ADNOC Gas' valuation would be broadly comparable to Italian energy group Eni (ENI.MI), U.S. Over the past two years, ADNOC listed petrochemicals company Borouge (BOROUGE.AD), fertilisers and clean ammonia products maker Fertiglobe (FERTIGLOBE.AD) and ADNOC Drilling (ADNOCDRILL.AD).

☆ UAE gets ducks in a row with chemicals reshuffle
▼ + stars: | 2022-12-21 | by ( ) www.reuters.com time to read: +2 min

LONDON, Dec 21 (Reuters Breakingviews) - The United Arab Emirates seems to have done a $4 billion deal with itself. The Abu Dhabi National Oil Company on Wednesday acquired a 25% stake in $16 billion Austrian oil group OMV (OMVV.VI) from Mubadala, the UAE’s wealth fund. The UAE wants to pump more oil and list its gas business. But it also wants to sharpen its focus on petrochemicals, which forecasters have long singled out for its growth potential. At some point, ADNOC might consider using this clout to consolidate these various chemicals businesses even more closely together.

☆ UAE stock markets ease as oil prices fall on China COVID curbs
▼ + stars: | 2022-10-28 | by ( Md Manzer Hussain | ) www.reuters.com time to read: +1 min

Oct 28 (Reuters) - Stock markets in United Arab Emirates ended lower on Friday as oil prices fell after top crude importer China widened its COVID-19 curbs. In Abu Dhabi, the index (<.FTFADGI>) dropped 0.1%, pressured by a 0.5% dip in the country's largest lender First Abu Dhabi Bank (<FAB.AD>), while Abu Dhabi Polymers Co Borouge (<BOROUGE.AD>) was down 1.4% after reporting more than 23% decline in third-quarter net profit. However, the index gained 5.5% this month, as it ended the week 1.7% higher according to Refinitiv data. "The Abu Dhabi stock market slowed down after yesterday's surge as traders moved to secure their gains. Major stock markets elsewhere in the Gulf region were closed.

☆ ADNOC invites banks to pitch for IPO of logistics unit- sources
▼ + stars: | 2022-10-20 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +3 min

LONDON, Oct 20 (Reuters) - State oil firm Abu Dhabi National Oil Company (ADNOC) has invited banks to pitch for roles in an initial public offering of its marine services and logistics unit, two sources with knowledge of the matter said on Thursday. Reuters reported last year that ADNOC was weighing a potential float of ADNOC Logistics & Services (ADNOC L&S) in 2022. Banks are pitching for roles this week on the latest IPO of an ADNOC subsidiary, planned for next year, the sources said. ADNOC L&S delivers crude oil, refined products, dry bulk and liquefied natural gas from Abu Dhabi to its international customers. ADNOC began floating units in late 2017, raising $851 million in an IPO of its fuel distribution unit.

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