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Adnoc completes $600m pipeline infra deal with Singapore's GIC

GIC, Blackrock, KKR, ADRPBF complete investment agreements to form Adnoc Oil Pipelines with 51% being held by Adnoc

Adnoc is a national oil company in the UAE.
Wam
Adnoc is a national oil company in the UAE.

The Abu Dhabi National Oil Company (Adnoc) has closed its $600m (AED2.2bn) pipeline infrastructure investment agreement with Singapore’s sovereign wealth fund, GIC, with the UAE’s oil giant having previously closed deals with BlackRock, KKR, and Abu Dhabi Retirement Pensions and Benefits Fund (ADRPBF), bringing the total investment to $4.9bn (AED18bn).

According to UAE’s state-held news agency, Wam, the deal results in the formation of Adnoc Oil Pipelines, 51% in which is held by Adnoc — which will retain the sovereignty and management of the pipelines operations.

Blackrock and KKR will own 40% stake in the company and remaining 6% will be held by ADRPBF.

Speaking about the deal, group director for finance and investment at Adnoc, Ahmed Jasim Al Zaabi, 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,” Al Zaabi added.

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Construction Week - Issue 754
Nov 23, 2019