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UAE ADNOC plans to sell bonds of 3-5 billion dollars this year

ADNOC

London, (Business News Report) – The Abu Dhabi National Oil Company (ADNOC) plans to issue bonds that would raise between 3-5 billion dollars during the year 2022.

Bloomberg quoted three executives of ADNOC as saying that they are considering establishing a multi-term bond program of about $15 billion.

They explained that the first deal, which will be issued by a new entity called ADNOC Murban, will be used to help refinance the company’s existing loans.

ADNOC has about $20 billion in debt, of which nearly $5 billion is due this year, according to Bloomberg data.

The UAE, the third largest producer in the Organization of the Petroleum Exporting Countries, also aims to use money from energy exports to build new industries, such as robotics and artificial intelligence.

ADNOC Murban got this week the third highest rating at “AA”, or its equivalent, by credit rating agencies Moody’s, Standard & Poor’s Global and Fitch.

ADNOC is currently working on fulfilling the terms and requirements related to the offering process, followed by obtaining regulatory approvals from the Securities and Commodities Authority and the Abu Dhabi Securities Exchange.

Meanwhile, the UAE is ranked sixth globally in the list of countries with the highest oil reserves, with conventional oil reserves of 107 billion barrels of recoverable oil.

The UAE has proven gas reserves of 273 trillion cubic feet of conventional gas, and 160 trillion standard cubic feet of unconventional gas resources.

In a related context, ADNOC maintained its position as the number one brand for four years in a row, as it won the first class in 2022 as the most valuable brand in the UAE.

This came according to a report issued by “Brand Finance”, the independent global organization that specializes in evaluating brands and strategic consulting for companies.

The ADNOC brand was valued at $12.76 billion, equivalent to “47 billion dirhams”, which means a growth of 19% compared to last year and more than 174% since 2017.

The company’s brand ranked first in the UAE, second among brands in the Middle East and North Africa, and ninth among the top ten brands in the world’s oil and gas companies.

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