UAE's main state oil company eyes partnerships, share float

FILE - In this Sept. 21, 2016 file photo, an oil tanker approaches the new Jetty during the launch of a $650 million oil facility in Fujairah, United Arab Emirates. The Abu Dhabi National Oil Co., or ADNOC, the United Arab Emirates' main state oil company, is seeking to create joint ventures with international investors and is considering floating shares in some of its businesses in an effort to raise billions of dollars according to plans disclosed Monday, July 10, 2017, in an article in the Abu Dhabi-based state-linked daily The National. (AP Photo/Kamran Jebreili, File)

DUBAI, United Arab Emirates — The United Arab Emirates' main state oil company said on Monday that it is seeking to create joint ventures with international investors and is considering floating shares in some of its businesses in an effort to raise billions of dollars.

The Abu Dhabi National Oil Co., or ADNOC, said the plans will include expanding its drilling operations, creating a new "energy infrastructure venture," and further opening up its refinery and petrochemical operations to outside investors.

The company said it is considering an initial public offering for minority stakes in some related services businesses, though it ruled out floating shares in the overall company for now. That will remain owned by the Abu Dhabi government.

Abu Dhabi holds the bulk of the oil wealth in the seven-state Emirates federation, one of OPEC's largest crude producers. In October, it announced plans to combine two major offshore divisions to streamline its operations amid a slump in oil prices.

ADNOC's plans follow a decision by Saudi Aramco, the state oil company of neighboring Saudi Arabia, to sell shares for the first time for a minority stake in its business. That IPO isn't expected to happen before next year at the earliest.

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