Abu Dhabi’s state oil firm hires U.S. investment bank Moelis-sources

 In Investment, Partnership
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Originally published in Business Insider by Stanley Carvalho and David French (link below)

Logos of ADNOC are seen at Gastech, the world’s biggest expo for the gas industry, in Chiba, Japan, April 4, 2017. REUTERS/Toru Hanai

Abu Dhabi National Oil Company (Adnoc) has appointed boutique U.S. investment bank Moelis & Co as an adviser as it seeks to attract billions of dollars in investments through joint ventures and prepares to publicly list shares in some units, three sources familiar with the matter said.

Earlier this month the state-owned company announced it was looking to float some of its service businesses and enter tie-ups with global investors to help it create new revenue streams and secure more market access as part of its 2030 strategy.

Adnoc is weighing proposals from Goldman Sachs, First Abu Dhabi Bank, HSBC and JP Morgan and others for lead roles in the listing of its fuel retailing business, ADNOC Distribution, sources familiar with the matter said last week

Unlisted Adnoc has asked Moelis to create and expand partnerships and co-investment opportunities across new parts of Adnoc’s businesses, one source said.

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