Abu Dhabi state gas company to sell 4% of shares in IPO

DUBAI, United Arab Emirates (AP) — The Abu Dhabi National Oil Company’s gas processing firm plans to sell 4% of its shares to local investors in the latest initial public offering to be made by a state-run energy company in the Middle East. The move follows a similar IPO by the Saudi oil giant Aramco in 2019 that raised some $30 billion. It comes months before the United Arab Emirates is set to host this year’s U.N. climate talks. ADNOC has access to 95% of the UAE’s natural gas reserves, the world’s seventh largest. It said Friday it would list over 3 billion shares on the Abu Dhabi stock exchange for purchase by local investors starting Feb. 23.