Abu Dhabi

Abu Dhabi National Oil Co. is planning an initial public offering of its service stations unit and may seek a value of as much as $14 billion, according to people familiar with the matter.

Adnoc, may appoint investment banks for the share sale, likely to be on the Abu Dhabi stock exchange, as early as this week, the people said, asking not to be identified as the information is private. The unit may ultimately fetch a value of about $10 billion and raise up to $3 billion from a listing, another person said. No final decisions have been made, and Adnoc may also decide not to pursue an IPO, they said.

Adnoc said earlier this week that it may sell minority stakes in some of its service units and will seek international partners to boost growth and expand operations. Adnoc will also seek to expand its energy trading operations as part of the new plan, Abdullah Salem Al Daheri, head of the company’s marketing, sales and trading directorate, said at a conference in Istanbul on Monday.

In line with this week’s announcement “Adnoc is therefore considering the IPO of minority stakes of some of its services businesses, and we will update the market on its plans in due course,” the company said in an emailed statement.

Adnoc Distribution includes more than 300 fuel stations across the country, as well as a network of convenience stores and auto products, such as lubricants.

IPOs in the region may be headed for a revival as countries work to make themselves less dependent on oil. Emirates Global Aluminium, the largest aluminium producer in the Middle East, has selected advisers for an initial public offering that could raise about $3 billion, according to people familiar with the matter. Saudi Arabia is also taking steps to overhaul its economy, including plans for what could be the largest-ever IPO with the listing of Saudi Arabian Oil Co.

Companies in the UAE have raised about $590 million from four IPOs this year, making it the busiest year for listings in the region since 2014, according to data compiled by Bloomberg.