Just over a month after the Abu Dhabi National Oil Company (Adnoc) listed a portion of its retail unit on the Abu Dhabi stock market (ADX), its Dubai peer the Emirates National Oil Company (Enoc) is reportedly considering floating its own retail business.

A report by Bloomberg, citing its sources, says the Dubai Government-owned Enoc has held discussions with advisers for a potential initial public offering (IPO) of its fuel-retailing unit.

Enoc held talks with banks as recently as December, the sources said. The state-owned oil company has not been able to make up its mind on the matter yet and the company may decide not to pursue an IPO after all, the people said.

Enoc has denied possibility of an IPO, when contacted by Bloomberg, saying in a statement that “it is not planning for any IPO currently. The group’s financial performance has been resilient throughout the downturn in the oil and gas industry, which is reflected in our ability to secure various sources of funding”.

The parent company reported a profit of $1bn in 2016 on revenue of $13.2bn.

MEED understands that should Enoc decide in favour of a market listing, the IPO will most likely debut at the Dubai Financial Market (DFM), if the trend set by Adnoc and Saudi Aramco is to be taken into account.

Questions also remain about the percentage, if at all, of shares Enoc would offer. The state-owned oil company’s retail wing could be valued at more than $7bn in the event of a public listing, the Bloomberg sources said.

Adnoc Distribution raised $851m by offering 10 per cent of its shares on the ADX, after the company was valued at $8.52bn.

Enoc’s retail unit runs Enoc and Eppco 116 service stations across the UAE, except Abu Dhabi, reaching an estimated 90 million customers a year, according to its website. Enoc also operates 4 gas stations in Saudi Arabia, which it sought to raise to 10 by 2017-end, although it is not clear if it has been able to.