Abu Dhabi's ADNOC weighs IPO of logistics and services unit next year

A deal could follow after testing investor appetite and market conditions, sources said

State oil firm Abu Dhabi National Oil Company (ADNOC) is weighing an initial public offering of its marine services, logistics and shipping arm next year, two sources familiar with the matter told Reuters.

ADNOC Logistics & Services has been selected for a potential float in Abu Dhabi in 2022, said the sources, declining to be named as the matter is not public.

A deal could follow after testing investor appetite and market conditions, they said. Gulf oil producers are looking at sales of stakes in energy assets, capitalising on a rebound in crude prices to attract foreign investors. ADNOC, which supplies nearly 3 per cent of global oil demand, is seeking to extract value from businesses it owns and divest assets seen as non-core.