UAE not keen on Adnoc IPO like Aramco

Minister says state-run firm is looking for merger rather than listing

which is said to be valued at $2 trillion.

Optimisation

Al Mazroui said they would continue to integrate Adnoc’s subsidiaries for efficiency.

“There is going to be a continuous engagement to cut costs and optimise. We would continue doing that,” he said at a conference in Dubai.

“Adnoc is looking at several opportunities of optimising cost. Are they looking at more opportunities to merge? I can say yes. Have they reached that recommendation to come? We will have to wait and see.”

Adnoc is the 12th largest producer of oil globally. It currently produces about three million barrels of oil per day and targets 3.5 mbopd by 2018 depending on market conditions.

“As a responsible player, we need to have that buffer to ensure that we don’t have shocks. Those buffers were very helpful to avoid surges in the market that was hurting the economy. The last thing we want is a bust followed by a boom,” he added.