UAE - Mubasher: International infrastructure investors and sovereign wealth and pension funds have signed an agreement with the Abu Dhabi National Oil Company (ADNOC) to invest AED 76 billion ($20.7 billion) in a selected ADNOC gas pipeline assets.
The investors comprise of Global Infrastructure Partners (GIP), Brookfield Asset Management, Singapore’s sovereign wealth fund (GIC), Ontario Teachers’ Pension Plan Board (Ontario Teachers’), NH Investment & Securities and Snam, according to a press release on Tuesday.
Through one of the world's largest energy infrastructure deals, direct foreign investments in the energy field will be attracted to the UAE.
The 6-investor consortium will acquire a 49% stake in the newly-formed subsidiary, ADNOC Gas Pipeline Assets, with lease rights to use 38 pipelines, in which ADNOC holds a 51% stake.
Under the agreement, ADNOC Gas Pipeline Assets will rent ADNOC's stake in the assets for 20 years; therefore, ADNOC will see more than AED 37.1 billion ($10 billion) proceeds from the transaction.
Commenting on the agreement, the UAE Minister of State and ADNOC Group CEO, Sultan Al Jaber, said: "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."
