UAE’s leading oil firm Abu Dhabi National Oil Company (ADNOC) is reportedly considering the sale of waste management assets held by one of its units, as the state-owned company seeks to monetize non-core assets.
According to the reports, ADNOC has hired the UK-based multinational banking and financial services company Standard Chartered to test investor needs and arrange a potential sale for some assets held by its unit ADNOC Refining, formerly known as Abu Dhabi Oil Refining Company (TAKREER). The sources said that several potential bidders have already been approached.
Both ADNOC and Standard Chartered refused to comment about the information. ADNOC Refining handles the refining business of the company. Its responsibilities include refining crude oil and supplying petroleum products.
The oil giant has launched a turnaround plan four years ago to respond more rapidly to market developments, and the company further said that it will keep working with investors to draw international capital and optimize the value of its resources.
ADNOC entered into a $5.5 billion real estate investment partnership in September with a consortium led by Apollo Global Management Incorporation. Also, it has signed a $10 billion agreement for its gas pipeline infrastructure with investors such as Toronto-based Brookfield Asset Management, which manages about $550 billion in assets.
ADNOC Refining is the UAE-based refiner with a global reach and the world’s fourth-largest single-site refinery in the town of Ruwais in Abu Dhabi’s Al Dhafra region. Every year, more than 40 million tons of high-quality refined products are supplied by the company to the various markets. It is handled by highly experienced international workers using state-of-the-art machinery. The company has a huge client base across Asia, Africa, Europe, and the Middle East region.