ADNOC Gets $2.1 Billion investment for Pipeline Infrastructure
The Abu Dhabi National Oil Company (ADNOC) announced today that Abu Dhabi Pension Fund (ADPF) and ADQ, one of the region’s largest holding companies, will invest $2.1 billion into select ADNOC gas pipeline infrastructure assets.
Under the terms of the agreement, ADNOC will divest 20% in ADNOC Gas Pipelines HoldCo LLC, a wholly owned ADNOC entity that holds 100% of ADNOC’s interest in ADNOC Gas Pipeline Assets LLC (ADNOC Gas Pipelines), to ADPF and ADQ. ADNOC Gas Pipelines is a subsidiary of ADNOC with lease rights to 38 gas pipelines covering a total of 982 kilometers. In July 2020, a consortium of global investors, comprising Global Infrastructure Partners, Brookfield Asset Management, Singapore’s sovereign wealth fund GIC, Ontario Teachers’ Pension Plan Board, NH Investment & Securities and Snam (the Consortium), invested $10.1 billion for a collective 49% stake in the same select ADNOC gas pipeline infrastructure assets.
ADNOC has sought to accommodate a combination of both international and domestic institutional investors in many of its investment opportunities, for example its pioneering oil pipeline investment agreement closed in September 2019.
With the addition of these domestic investors, ADNOC can also tap new pools of long-term equity capital, while still maintaining operating and ownership control over the assets included as part of the investment agreement.
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Report by: OGP/Segun Cole , Please email us your industry related news for publication [email protected]
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