Three sources said that a consortium of bidders of the Abu Dhabi National Oil Co’s (ADNOC) natural gas pipeline assets is in talks with banks for a USD8 billion loan to support their investment.
The consortium of bidders included Global Infrastructure Partners (GIP), Brookfield Asset Management and Italian infrastructure firm Snam. Around 20 banks are involved in the talks.
According to one source, the dialogue has seen no clear schedule of finalizing after proceeding for weeks due to the drop in oil prices and challenging market development.
In 2019, BlackRock and buyout company KKR & Co. acquired 40% shares of ADNOC Oil Pipelines by USD4 billion. The purchase was funded through the firms’ infrastructure funds and financed by a syndicate of banks.
