Abu Dhabi National Oil Company announces IPO price for Borouge
The joint venture between ADNOC and the Austrian energy company Borealis will soon be listed on the Abu Dhabi stock exchange.
The Abu Dhabi National Oil Company (ADNOC) announced the initial public offering price for its joint venture with Austria’s Borealis today.
The original offer price of Borouge has been set at 2.45 Emirati dirhams ($0.67) per share, ADNOC said in a statement.
Why it matters: ADNOC is the United Arab Emirates’ state oil company, while Borealis is a leading petrochemical firm. ADNOC announced last week its intention to float a 10% stake of the joint venture Borouge on the Abu Dhabi Securities Exchange. The UAE is seeking to further diversify its economy with the move.
The UAE is pursuing various investments in green technology, but the oil and gas sectors still amount to about a third of the Gulf state’s economic growth.
