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ADNOC closes $600m agreement

The Abu Dhabi National Oil Company (ADNOC) has formally closed its US$600 million pipeline agreement.

Over the past two years, ADNOC has been significantly expanding its strategic partnership and co-investment model by creating new investment opportunities across all areas of its value chain.

Recently, ADNOC closed its $600 million pipeline infrastructure agreement with GIV, Singapore’s sovereign wealth fund marking the successful closing of the total investment transaction.

These investments mark the first time that leading, global and domestic institutional investors have deployed long-term capital into key ADNOC infrastructure assets.

ADNOC Group Director Finance and Investment Ahmed Jasim Al Zaabi said the final closing of this landmark transaction demonstrates a clear vote of confidence by the global investment community in both the United Arab Emirates and ADNOC as attractive investment destinations.

“The calibre of these leading global and domestic investors underlines the quality of attractiveness of ADNOC’s infrastructure assets and our ability to efficiently structure and close value-creating investment opportunities for our partners and investors,” said Mr Zaabi.

The closing follows the formal closing of the initial and subsequent investment agreements with BlackRock, KKR and Abu Dhabi Retirement Pensions and Benefits Fund (ADRPBF) and takes the combined investment in select ADNOC oil pipeline infrastructure to 4.9 per cent.

Under the investment structure, BlackRock and KKR hold a joint 40 per cent, ADRPBF 3 per cent and GIC 6 per cent; ADNOC will operate and manage the infrastructure, holding the remaining 51 per cent.

For more information visit the ADNOC website.

If you have news that you would like featured in Pipelines International contact Managing Editor Chloe Jenkins at cjenkins@gs-press.com.au

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