Adnoc Seeks Fresh Advisory Pitches From Top Wall Street Banks
Abu Dhabi National Oil Company has begun reviewing investment banks for key advisory mandates, a move that could reshape its Wall Street relationships as it accelerates global expansion, The review includes presentations from about 10 investment banks competing for long-term advisory assignments tied to strategic priorities and potential deals, people familiar with the matter said. Moelis & Company and PJT Partners currently advise Adnoc under those mandates, and the ongoing review could result in both firms retaining their roles, the report said. Adnoc has ramped up overseas investment with major acquisitions in the energy and chemicals sectors while supporting a five-year, $150 billion capital program to increase oil and gas output and broaden its liquefied natural gas business. Adnoc did not immediately reply to ' request for comment.
Abu Dhabi National Oil Company has begun reviewing investment banks for key advisory mandates, a move that could reshape its Wall Street relationships as it accelerates global expansion, The review includes presentations from about 10 investment banks competing for long-term advisory assignments tied to strategic priorities and potential deals, people familiar with the matter said.
Moelis & Company and PJT Partners currently advise Adnoc under those mandates, and the ongoing review could result in both firms retaining their roles, the report said.
Adnoc has ramped up overseas investment with major acquisitions in the energy and chemicals sectors while supporting a five-year, $150 billion capital program to increase oil and gas output and broaden its liquefied natural gas business.
Adnoc did not immediately reply to ' request for comment.