DUBAI, United Arab Emirates (AP) — Abu Dhabi’s state gas company expects to raise up to $2 billion by selling 4% of its shares in an initial public offering, the company said Thursday.

It said the price range for the previously announced sale of over 3 billion shares has been set at 2.25 to 2.34 Emirati dirhams, valuing the company at up to $50.8 billion. The subscription period begins Thursday, with the final offer price expected to be announced March 3.

The Abu Dhabi National Oil Company has access to 95% of the UAE’s natural gas reserves, the world’s seventh largest. Its gas division, known as ADNOC Gas, supplies more than 60% of the local market and exports to more than 20 countries.

The gas company had a net income of $4.2 billion in the first 10 months of 2022, up from $3.6 billion in all of 2021.

A similar IPO by Saudi Arabia’s state-owned oil giant Aramco in 2019 raised some $30 billion.

Sultan al-Jaber, the CEO of ADNOC, who also oversees renewable energy projects in the United Arab Emirates, was selected to chair this year’s COP28 U.N. climate talks, angering climate change activists.

Oil and gas have powered the UAE’s rapid transformation into a high-tech global business hub home to the futuristic cities of Dubai and Abu Dhabi, as well as the world’s busiest airport for international flights. Analysts believe the Emirates is trying to maximize its profits as the world increasingly turns to renewables.

The Emirates says it has invested more than $50 billion in renewable energy projects across 70 countries and plans to invest $50 billion more in the next decade. It has also vowed to become carbon neutral by 2050, though it’s unclear how it would reach that target.

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