Abu Dhabi National Oil Company (ADNOC) announced the expansion of its partnership model to span its value chain, in addition to activating the management of its portfolio of assets, according to ADNOC’s press release.

This new initiative supports ADNOC’s flexible operating model and its 2030 growth strategy. Moreover, it will enable the company to unlock and maximize significant value from across the Group, drive business and revenue growth, optimize performance, and secure greater access for its products in key growth markets.

However, “ADNOC only plans to list minority stakes in some of its services businesses on local equity markets, rather than an initial public offering (IPO) of the holding company”, Reuters informed, citing the firm’s CEO, Sultan al-Jaber.

“This is very much in line with what other Middle East or oil producing countries are looking into due to the low oil price environment” Natixis’ Chief Energy Analyst, Abishek Deshpande, said.