March 3 (LNGJ) - Abu Dhabi National Oil Co (ADNOC) has set the final price for its over-subscribed initial public offering of 5 percent of its spun-off natural gas and LNG unit, ADNOC Gas. The main energy company of the United Arab Emirates set up the ADNOC Gas subsidiary on January 1 to group its world-scale gas processing operations and gas marketing company.
The new subsidiary at the centre of the IPO combines the operations, maintenance and marketing of the ADNOC Gas Processing and ADNOC LNG units into one consolidated business. The ADNOC Gas share price was set on March 3 at 2.37 dirhams ($0.645) per share, near the top end of the price range that was set at 2.25 to 2.43 dirhams a share. Proceeds from the IPO came to around $2.5 billion. ADNOC Gas shares are expected to begin trading on March 13.
