Adnoc to raise $1.64bn through stake sale

ABU DHABI: Abu Dhabi National Oil Company (Adnoc) aims to raise $1.64 billion by selling key stakes in Adnoc Distribution.

The Abu Dhabi state oil company is offering 3 per cent of the registered share capital, at an offer price of AED4.36 per share, to eligible institutional investors; and 7 per cent of registered capital ($1.195 billion) in senior unsecured bonds due in 2024

Adnoc has made it clear that the combined offering will not be available to the public in the UAE or any other jurisdiction.

The transaction is the first combined equity and exchangeable bond offering in the GCC, once again highlighting Adnoc's novel approach to unlocking value from its assets.

The innovative deal structure and attractive form of financing provides Adnoc with greater access to a new and broader investor base, including those that are interested in an equity-linked bond investment.

O&G giants made $1 trillion revenue in 2020

LONDON: Saudi Aramco and four other large oil and gas companies made a cumulative revenue of $1.14 trillion in 2020.

The world's biggest oil producer was is in third place, with 2019 revenue standing at $294.9 billion dropping 22.09 per cent to $229.7 billion last year.

The list was led by PetroChina, whose last year revenue stood at $280.7 billion, a drop of 19.28 per cent from 2019's figure of $347.8 billion. Elsewhere, Sinopec, also from China, ranked second with a 2020 revenue at $271.1 billion, a drop of 37.32 per cent from 2019's figure of $432.5 billion.

UK-based BP recorded the largest drop of revenue by 39.38 per cent, from $297 billion to $180 billion between 2019 and 2020. ExxonMobil from the United States posted $275.5 billion in 2020 revenue dropping 35.30 per cent to $178.2 billion in 2020.