Adnoc could list stake in fuel retail business by early 2018: sources

Dubai

ABU Dhabi National Oil Co (Adnoc) could list more than 10 per cent of its fuel retail business by early 2018 and one or two more businesses later as part of a major shake-up, sources familiar with the matter said.

The listing for Adnoc Distribution, which manages petrol stations and convenience stores across the United Arab Emirates (UAE) as well as bunkering facilities and lubricant plant, comes as Abu Dhabi and other Gulf states are privatising energy assets to make them more competitive and efficient in an era of cheap crude.