Abu Dhabi – Mubasher: Abu Dhabi National Oil Company (ADNOC) is planning to list more than 10% of its fuel distribution business on the Abu Dhabi Securities Exchange (ADX) at the beginning of 2018, sources told Reuters.

ADNOC will list another business or two later as a part of major transformation scheme, Reuters added, citing informed sources as saying.

“They are still working on it, there may be other services (to be listed) but it will not be that fast,” one source told to the agency.

“The value of this is when you take a company through the initial public offering (IPO) process you make it efficient, you optimise it, it becomes a better company as a whole,” the second source noted.

“With oil prices not expected to increase much and production constrained by OPEC, Abu Dhabi needs to find alternative ways to get value out of its NOC (national oil company),” Robin Mills, CEO of UAE-based consultancy Qamar Energy highlighted.

ADNOC recently began consolidating operations of two oil firms. It had also announced plans to merge three of its shipping and marine services operations.

The merger is slated for completion towards the end of 2017.

ADNOC is “looking to set up its own trading unit”, the news agency added.