According to sources, Abu Dhabi National Oil Co. (Adnoc) is reportedly considering investing in UGI Corp.’s propane distribution unit AmeriGas. This potential acquisition would be carried out through Adnoc’s publicly listed retail arm, Adnoc Distribution. If the investment goes through, it would mark Adnoc’s first significant acquisition in the US as the company seeks to diversify its operations beyond crude oil.
UGI, based in Pennsylvania, had announced in August that it was exploring strategic alternatives for its liquefied petroleum gas business with the assistance of Goldman Sachs Group Inc. and JPMorgan Chase & Co. The news of Adnoc’s interest in AmeriGas has caused UGI’s stock to rise significantly in New York trading.
Adnoc is among several Middle Eastern companies seeking to expand their operations as the demand for crude oil is expected to decline due to the energy transition. In addition to the potential investment in AmeriGas, Adnoc has also been in negotiations with German chemical company Covestro AG. UGI operates not only in propane distribution but also natural gas distribution and electric utility sectors and has an international presence in Europe.
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