Abu Dhabi National Oil Co. (ADNOC) will receive a $2.1-billion investment from Abu Dhabi Pension Fund (ADPF) and ADQ, one of the region’s largest holding companies, for a 20% share of ADNOC gas pipeline infrastructure.
Under terms of the agreement, ADNOC will divest 20% in ADNOC Gas Pipelines HoldCo LLC, a wholly owned ADNOC entity that holds 100% of ADNOC’s interest in ADNOC Gas Pipeline Assets LLC (ADNOC Gas Pipelines), to ADPF and ADQ.
ADNOC Gas Pipelines is a subsidiary of ADNOC with lease rights to 38 gas pipelines running a total 982 km. Earlier in 2020, a consortium of global investors, comprising Global Infrastructure Partners, Brookfield Asset Management, Singapore’s sovereign wealth fund GIC, Ontario Teachers’ Pension Plan Board, NH Investment & Securities, and Snam, invested $10.1 billion for a collective 49% stake in the same select ADNOC gas pipeline infrastructure assets.
ADNOC announced the overall value of the deal at the time as $20.7 billion (OGJ Online, June 23, 2020), resulting in “upfront proceeds” of more than $10 billion.
