Abu Dhabi National Oil Company (ADNOC) is planning an initial public offering (IPO) of ADNOC Distribution this year, sources told Bloomberg.

ADNOC Distribution is the fuel-retail division of ADNOC and sells gasoline in the domestic UAE market.

Earlier this year, Reuters reported that ADNOC was considering an IPO of more than 10% of ADNOC Distribution by early 2018.

The listing is expected to be on the Abu Dhabi stock exchange.

In July, sources told Bloomberg that the company might seek up to $14 billion for the stake in ADNOC Distribution.

Morgan Stanley, Goldman Sachs Group Inc., and EFG-Hermes are slated to manage the IPO, sources told Bloomberg.

ADNOC is the state-run oil company of Abu Dhabi.