Abu Dhabi – Mubasher: Abu Dhabi National Oil Company (ADNOC) is considering merging its marine services units by the end of 2017, Alittihad newspaper reported, citing ADNOC’s CEO Sultan Ahmed Al Jaber as saying.
ADNOC is planning to combine its subsidiaries Abu Dhabi Marine Operating Company (ADMA-OPCO) and Zakum Development Company (ZADCO) in an attempt to reduce operating and production costs, the CEO told the newspaper.
He added that the merger was likely to result in major financial and operational gains for the mother company as well as contribute to boosting efficiency and flexibility and to dealing with the market’s ever-changing needs.
ADNOC, which owns 60% of each of ADMA-OPCO and ZADCO, will continue to carry out certain mergers in line with its scheme, the CEO said.
Al Jaber also told Alittihad that ADNOC was planning to list several minority stakes in a number of its subsidiaries in the UAE’s stock markets to support growth and expansion in the private sector.
ADNOC will continue to be the main shareholder in the units it plans to list a part of, he added, stressing that the mother company has no plan to list its own shares on either of the UAE’s bourses.
He noted that ADNOC is a wholly-owned subsidiary of the Abu Dhabi government.
