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DUBAI, Dec 10 (Reuters) - Abu Dhabi National Oil Company (ADNOC) is considering the sale of waste management assets held by one of its units and they could fetch around $500 million, sources close to the deal said, as the state-owned firm seeks to monetise non-core assets.
The oil giant has hired Standard Chartered to test investor appetite and arrange a potential sale for some assets held by its unit ADNOC Refining, formerly known as Abu Dhabi Oil Refining Company (TAKREER), said the three sources, who declined to be named as the matter is not public.
Many potential bidders have already been approached, they said.
ADNOC and Standard Chartered declined to comment when contacted by Reuters on Thursday.
ADNOC Refining is in charge of the company’s refining business. Its responsibilities include crude oil refining and the supply of petroleum products.
Four years ago, ADNOC started a transformation strategy to adapt more quickly to market changes, and the company has said it will continue to work with investors to attract foreign capital and maximise value from its resources.
ADNOC in September entered into a $5.5 billion real estate investment partnership with a consortium led by Apollo Global Management Inc.
It also signed a $10 billion deal this year for its gas pipeline infrastructure with investors including Toronto-based Brookfield Asset Management, which manages around $550 billion in assets. (Reporting by Hadeel Al Sayegh and Saeed Azhar Editing by Gareth Jones)