Abu Dhabi’s Adnoc working with Goldman Sachs on gas business, sources say

DUBAI. Abu Dhabi National Oil Company (Adnoc) has engaged Goldman Sachs to work on consolidation of its gas operations for a planned stock market flotation next year, two sources close to the transaction told Reuters.

Adnoc is sharpening its focus on the gas market as Europe seeks to replace all Russian energy imports as early as mid-2024 after gradual supply cuts since Western sanctions were imposed on the country over its invasion of Ukraine.

The US investment bank is working on combining Adnoc’s gas processing arm and its liquefied natural gas (LNG) subsidiary into a single listed entity, the sources said, declining to be named because the matter was not public. Both Adnoc and Goldman Sachs declined to comment yesterday.