The Abu Dhabi National Oil Company (ADNOC) said Thursday that it planned to sell a 4% share in its subsidiary, ADNOC Gas, in order to raise up to $3 billion. Since Saudi Aramco’s $12.3 billion follow-on selling in June, this is the biggest sale of shares in the Middle East and North Africa (MENA) region. About 3.1 billion shares will be sold by ADNOC in the sale, which is set to end on Friday.

ADNOC merged its gas processing and liquefied natural gas (LNG) businesses into one company, which started running ADNOC Gas at the start of 2023. The company has already gone public on the Abu Dhabi stock market, raising about $2.5 billion in one of the biggest IPOs in recent years. In a previous statement, ADNOC talked about the “significant value creation potential in ADNOC Gas” but said it hadn’t chosen yet if or when it would sell any more shares.

The sale is being coordinated and bookrun by BofA Securities, Citi, EFG Hermes, First Abu Dhabi Bank, HSBC, and International Securities. Institutional buyers bought a 5.5% stake in ADNOC’s drilling unit in May of last year, which helped the company raise $935 million.