Abu Dhabi National Oil Company (ADNOC), the main oil producer in Abu Dhabi, is preparing to enter the bond market for the first time, more than two years after setting up an entity dedicated to this type of financing.
The company began a two-day roadshow Monday, aiming to raise debt in five-, 10- and 30-year terms, according to people familiar with the matter who asked not to be identified.
Adnoc is expanding oil production in the UAE and is also looking to acquire foreign companies such as German chemicals maker Covestro. The company recently completed due diligence for Covestro and could make an 11.7 billion euro ($13 billion) offer as soon as this month, according to earlier reports from Bloomberg.
ADNOC generated cash flows of more than $30 billion in 2023 and about $13 billion in the first half of 2024, according to credit rating agency Moody’s. The company contributes about 75% of government revenues and makes up half of Abu Dhabi’s gross domestic product.
Abu Dhabi National Oil Company (ADNOC), the main oil producer in Abu Dhabi, is preparing to enter the bond market for the first time, more than two years after setting up an entity dedicated to this type of financing.
The company began a two-day roadshow Monday, aiming to raise debt in five-, 10- and 30-year terms, according to people familiar with the matter who asked not to be identified.
Adnoc is expanding oil production in the UAE and is also looking to acquire overseas companies such as German chemicals maker Covestro. The company recently completed due diligence for Covestro and could make an 11.7 billion euro ($13 billion) offer as soon as this month, according to earlier reports from Bloomberg.
ADNOC generated cash flows of more than $30 billion in 2023, and about $13 billion in the first half of 2024, according to credit rating agency Moody’s. The company contributes about 75% of government revenues, and makes up half of Abu Dhabi’s gross domestic product.
