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Adnoc hires banks for retailer IPO

ABU DHABI/DUBAI: Abu Dhabi National Oil Company (Adnoc) has picked a local bank and three foreign lenders as bookrunners for the planned initial public offering of its retail unit that could raise $1.5 billion to $2 billion, sources said.

The listing for Adnoc Distribution, which manages petrol stations as well as convenience stores across the UAE, comes as Abu Dhabi joins other Gulf states, such as Saudi Arabia and Oman, in privatising energy assets. First Abu Dhabi Bank, HSBC, Bank of America Merrill Lynch and Citigroup have been mandated for the IPO.



Saudi Aramco calls in defence firms

KHOBAR: State oil giant Saudi Aramco plans to increase security around its offshore facilities and has received bids for the work from defence firms, industry sources told Reuters.

Bidders include Raytheon Co of the United States, Germany’s Rheinmetall, Leonardo’s Selex ES Saudi Arabia and General Dynamics, the sources added.

The contract involves installing long range integrated security systems at nine offshore sites in the Gulf.



Falih sees ‘healthier’ oil market

ST PETERSBURG: Saudi Arabia’s Energy Minister Khalid Al Falih said rising oil demand growth would more than offset increasing US oil output in 2018 and lead to 'healthier' conditions in the oil markets.

Falih also said Opec and its non-Opec partners such as Russia stood ready to take additional measures to help the market rebalance and erase one of the worst gluts in history.



Supplies ‘will begin to tighten in H2’

SINGAPORE: The UAE Energy Minister Suhail bin Mohammed Al Mazroui said he hopes that global supplies will start tightening in the second half of the year when demand picks up.

'We have seen healthy demand and a flattening of rig counts in the US,' Mazroui told reporters.

'This is the beginning of the third quarter and demand picks up in the third quarter and I hope the agreement will have a significant impact in the third and fourth quarter.'

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