Abu Dhabi National Oil Co (ADNOC) has netted $2.5 billion from the initial public offering of its subsidiary ADNOC Gas. The biggest-ever issue in Abu Dhabi, topping the $2 billion Borouge listing in mid-2022, was oversubscribed more than 50 times as investors placed offers worth $124 billion for a 5% stake in the United Arab Emirates-based firm.
As QatarEnergy works to expand its gas production and trading operations amid a surge in global demand, it has stressed that it will not divert liquefied natural gas (LNG) contracted with Asian buyers to Europe as some governments had hoped.
Just as the outlook for gas supply to Germany appeared somewhat brighter, at the end of last week Russian gas giant Gazprom announced it would shut down the pipeline NordStream 1 from Aug. 31 to Sept. 2 to carry out repairs.
After Russia announced further cuts in its gas supply to Germany starting Jul. 27, ammonia producers were weighing plans to curb output of the commodity, for which natural gas is the key feedstock.
