December 13, 2017
Volume 17 Issue 52
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.