Adnoc mulls IPO in some services: CEO

london — Abu Dhabi National Oil Co (Adnoc) is considering an initial public offering of minority stakes in some of its services, its chief executive Sultan Ahmed Al Jaber said on Tuesday.

“Strategic partnerships are key to optimising our entire value chain and growing market share,” he said at the Oil and Money conference in London.

“We are considering potentially an IPO of minority stakes in our services ... Adnoc will remain wholly owned by one single shareholder, the Abu Dhabi government.”

Delivering the ministerial keynote address, on the opening day of the conference, Dr. Al Jaber said by working together in “smarter, more cohesive ways”, the global oil and gas industry “can weather any challenge the future brings, reinforce our resilience and create enduring value.”

Dr Al Jaber expressed confidence that hydrocarbons would continue to be the bedrock of economic growth for decades to come. By 2040, he said, oil and gas would still be essential to the global energy mix, supplying over half of the world’s energy needs, while renewables and nuclear would make up 27 percent and coal would fall to 22 per cent. Meanwhile, petrochemicals would grow 150 percent by 2040.

Taking place in London, the Oil and Money conference is being attended by over 500 of the most influential decision makers from the oil and gas industry from 180 companies in 43 countries, including government ministers, senior executives, policy makers, financiers, strategists and industry experts. — Reuters, Wam