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ADNOC closes pipeline infrastructure investment with GIC

Industry

The Abu Dhabi National Oil Company (ADNOC) has formally concluded its US$600mn pipeline infrastructure investment agreement with GIC, Singapore’s sovereign wealth fund

This marks the successful completion of the total investment transaction following the formal closing of the initial investment agreement with BlackRock and KKR on 27 June and the subsequent closing of the Abu Dhabi Retirement Pensions and Benefits Fund (ADRPBF) investment on 1 August.

The combined investment of BlackRock, KKR, ADRPBF and GIC in selected ADNOC oil pipeline infrastructure amounts to US$4.9bn.

The innovative leasing investment structure marks the first time that global and domestic institutional investors have deployed long-term capital to vital ADNOC infrastructure assets.

BlackRock and KKR together hold 40 per cent, ADRPBF three per cent, GIC six per cent and ADNOC the remaining 51 per cent in the newly formed entity, ADNOC Oil Pipelines LLC (‘ADNOC Oil Pipelines’). Sovereignty over the pipelines and management of pipeline operations remain with ADNOC.

Ahmed Jasim Al Zaabi, group director Finance and Investment at ADNOC, said, “The successful final closing of this landmark transaction is a clear vote of confidence by the global investment community in both the UAE and ADNOC as attractive investment destinations.”

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

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