Adnoc looks at listing its merged shipping division

State-run Abu Dhabi National Oil Co (Adnoc) is looking at a listing for its merged shipping division, Bloomberg reports.

Adnoc is in the midst of merging its three maritime units: Abu Dhabi National Tanker Co, known as Adnatco, with offshore services firm Esnaad, and Abu Dhabi Petroleum Ports, a merger that is expected to be completed by the end of this year, at which point it will look at an IPO for the unit which will boast around 165 vessels. Bloomberg reported the listing is unlikely to happen before 2019.