A deal worth more than $10 billion has been inked by ADNOC with a group of investors to sell a 49 percent stake in its gas pipelines. A similar transaction signed by ADNOC for its oil pipelines a year ago.
With value at $20.7 billion, a consortium group will invest in select ADNOC gas pipeline assets. The consortium comprises Brookfield Asset Management, Ontario Teachers’ Pension Plan Board (Ontario Teachers’), Global Infrastructure Partners (GIP), Singapore’s sovereign wealth fund GIC, NH Investment & Securities, and Snam.
Subject to regulatory approvals, ADNOC will get upfront proceeds of more than $10 billion from the transaction. In ADNOC Gas Pipelines, the consortium will collectively hold a 49 percent stake. It is a newly-formed ADNOC unit with the remaining interest held by the parent company. Spanning a total area of 982.8 km, ADNOC Gas Pipelines will lease rights to 38 pipelines.
