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Abu Dhabi state petroleum firm Adnoc launched its ambitious 2030 strategy in November 2016. One year on, its recent foray into international debt markets underscores its commitment.
The first year was all about restructuring, and it completed a major streamlining process last month in which numerous subsidiaries were merged ( MEES, 20 October ).
The firm is now embarking on the next step and is conducting a major overhaul of its capital funding arrangements. Adnoc announced on 7 November that its Adcop pipeline-operating subsidiary had issued a $3bn bond. Meanwhile, Adnoc itself is nearing a deal with 13 banks for a $6bn loan, bringing the planned total to $9bn.
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