ADNOC mulls IPO of its service stations unit

Abu Dhabi National Oil Co (ADNOC) is reportedly planning an IPO of its service stations unit, with a value of as much as USD 14 bn, Bloomberg reports. ADNOC is expected to tap investment banks for the listing as early as this week. Sources tell Bloomberg, however, that the IPO is not certain, and the plans may be scrapped. The company had said earlier this week it was considering selling minority stakes in some of its service units, and was looking to accelerate its growth in cooperation with international partners.