To back a US$10 billion gas infrastructure deal agreed with Abu Dhabi National Oil Company, a consortium of investors has signed a US$7.96 billion commercial loan. The consortium comprises Brookfield Asset Management, Ontario Teachers’ Pension Plan Board, Global Infrastructure Partners, Singapore’s sovereign wealth fund GIC, NH Investment & Securities and Italy’s Snam.
Signing the US$10 billion gas infrastructure deal with the consortium, ADNOC will acquire a 49 percent stake in newly formed subsidiary ADNOC Gas Pipeline Assets. The remaining 51 percent will be held by ADNOC. In the form of equity by the consortium, the remaining US$2.04 billion will be provided. Valued at US$20.7 billion, investments will be made in select ADNOC gas pipeline assets.
ADNOC’s ownership of the pipeline assets will be leased to ADNOC Gas Pipelines in return for a volume-based tariff for 20 years under the gas infrastructure deal. As quarterly dividends, a 100 percent free cash will be distributed by the new subsidiary to the investors.
