Letter from the Middle East: Selling off the family silver
Auctioning minority stakes in NOCs’ assets may fill short-term budget holes, but they are no guarantee of long-term change
Gulf countries may appear to be reaching for the Thatcherite handbook in pursuing part-privatisations and attracting outside capital into their oil industries at a time of fiscal stringency and growing pressures for diversification. But, on a closer look, raising funds and driving limited organisational improvements have so far been more prominent than any deep transformation. Leading the way Abu Dhabi’s Adnoc has blazed the trail, selling over the past three years minority stakes in its refining subsidiary, drilling company and oil and gas pipeline networks, as well as raising a $3bn bond for its oil export pipeline. It has also formed joint ventures with international partners in fertilise
Also in this section
11 February 2026
Panellists from three LNG buyers at LNG2026 in Doha outlined their evolving procurement strategies as they navigate heightened market volatility
11 February 2026
North African producer plans to boost output by early 2030, with Europe its number one priority as export destination
11 February 2026
Maritime leaders at LNG2026 warned of the dangers of over-regulation on competitiveness, sustainability and innovation
10 February 2026
The country has opened bidding on 50 blocks in a new licensing round but will face competition for attention and will need to address concerns about security and legislation
