State oil giant Abu Dhabi National Oil Co (ADNOC) said on Thursday it has set a price range for an initial public offering (IPO) of its gas unit that could raise up to $2 billion and give ADNOC Gas an equity valuation of $47 billion to $50.8 billion.
The price range for the unit it created in November by combining its gas processing arm and its liquefied natural gas subsidiary was set at 2.25 dirhams ($0.6126) to 2.43 dirhams per share, the company said in a statement.
