Abu Dhabi state energy giant Adnoc continues to raise huge sums through diverse commercial deals, with the latest being a 10% share placement of its Adnoc Distribution subsidiary. The $1bn raised through the deal announced on 14 September brings the total raised in the past three months alone to $16.6bn.
With oil markets struggling to rebound amid the ongoing pandemic, the multi-billion-dollar additions to Adnoc’s balance sheet are a welcome buffer. With Adnoc continuing to advance aggressive plans to expand and diversify its oil and gas enterprises it can use all the additional revenues it can generate. (CONTINUED - 370 WORDS)