November 5, 2017 / 12:29 PM / a year ago

UAE's ADNOC to launch fuel retail business stake sale in Dec -sources

ABU DHABI, Nov 5 (Reuters) - Abu Dhabi National Oil Co (ADNOC) plans to launch a share sale of a stake in its network of fuel service stations and retail convenience stores in December, sources told Reuters on Sunday.

The listing for ADNOC Distribution, which manages petrol stations and convenience stores across the United Arab Emirates (UAE), comes as Abu Dhabi and other Gulf states seek to privatise energy assets as revenues are squeezed by lower oil prices.

Sources told Reuters in September that the company could list more than 10 percent of its fuel retail business and one or two more businesses later as part of a major shake-up.

Reporting By Stanley Carvalho; Writing by Tom Arnold; Editing by Keith Weir

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