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December 13, 2017

Volume 17 Issue 52

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Adnoc Distribution IPO to Support Lubes Brand

Adnoc Distribution raised 3.1 billion dirham (U.S. $851 million) from an initial public offering that closed last week. The sale of a 10 percent stake will see Adnoc’s Voyager brand of finished lubricants sold in new markets and continuation of a supply agreement sourcing API Group III base oils from Adnoc Refining.