ADNOC takes in $10 bln for pipeline stake

Abu Dhabi

ABU DHABI, June 23, 2020 – Abu Dhabi’s ADNOC has sold a 49% stake in its gas pipeline business to a group of international investors, bringing in upfront proceeds of USD 10.1 billion, the NOC said on Tuesday.

The consortium participating in the deal comprises Global Infrastructure Partners, Brookfield Asset Management, Singaporean sovereign wealth fund GIC, the Ontario Teachers’ Pension Plan Board, NH Investment & Securities and Italy’s Snam.

The group will take up the stake in the recently formed ADNOC Gas Pipelines entity, which is valued at USD 20.7 billion. The agreement represents one of the largest-ever global energy infrastructure deals.

“Today’s landmark investment signals continued strong interest in ADNOC’s low-risk, income-generating assets, and sets another benchmark for large-scale energy infrastructure investments in the UAE and the wider region,” H.E. Sultan Al Jaber, UAE minister of state and ADNOC Group CEO, said.

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