The Abu Dhabi National Oil Company (Adnoc) is to establish an international investment arm, Adnoc International Ltd. The emirate’s president has approved new legislation establishing the company. While Adnoc has not previously operated an overseas investment arm, Abu Dhabi has no shortage of state energy firms looking to invest overseas.
The new entity will have capitalization of $1bn and be wholly-owned by Adnoc. It is planned to have operational independence but in reality its board will probably feature a number of senior Adnoc figures. (CONTINUED - 384 WORDS)