DUBAI, June 24 (NNN-WAM) – The Abu Dhabi National Oil Company (ADNOC), announced on Tuesday that, it signed an agreement worth 20.7 billion U.S. dollars, with a consortium of investors and funds.
The consortium consists of some of the world’s leading infrastructure investors and operators, as well as, sovereign wealth and pension funds, including Global Infrastructure Partners, GIP; Brookfield Asset Management, Singapore’s sovereign wealth fund GIC; Ontario Teachers’ Pension Plan Board, Ontario Teachers; NH Investment & Securities and Snam.
The consortium will invest in gas pipeline assets of ADNOC, the state-owned oil company of the United Arab Emirates (UAE), the report said.
In one of the largest global energy infrastructure transactions, the consortium will collectively acquire a 49 percent stake in ADNOC Gas Pipeline Assets LLC, a newly formed subsidiary of ADNOC, with lease rights to 38 pipelines covering a total of 982.3 KM, with ADNOC holding a 51 percent majority stake.
Under the deal, ADNOC will lease its ownership interest in the assets to ADNOC Gas Pipelines for 20 years, in return for a volume-based tariff, subject to a floor and a cap.
The transaction will result in upfront proceeds of over 10 billion U.S. dollars to ADNOC and is subject to customary closing conditions and regulatory approvals.
