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Singapore’s GIC joins Black Rock, KKR in Adnoc Oil Pipelines

Sovereign wealth fund of Singapore becomes latest investor in pipeline infra investment scheme that is now valued at $5bn

Adnoc Oil Pipelines will be majority-owned by Adnoc.
Adnoc Oil Pipelines will be majority-owned by Adnoc.

Singapore’s sovereign wealth fund GIC – formerly known as Government of Singapore Investment Corporation – has invested $600m (AED2.2m) for a 6% stake in Abu Dhabi National Oil Company’s (Adnoc) pipeline infrastructure investment scheme – Adnoc Oil Pipelines – along with Black Rock and KKR, raising the initiative's total value to $5bn (AED18.3bn).

According to UAE state news agency, Wam, Abu Dhabi Retirement Pensions and Benefits Fund, which also signed an investment agreement with Adnoc earlier this year for $4.3m (AED15.7m), will own 3% of Adnoc Oil Pipelines.

Adnoc will own the remaining 51% stake. 

The transaction with GIC is expected to close before the end of 2019, subject to customary closing conditions and regulatory approvals.

Commenting on the development, Adnoc’s group director for finance and investment, Ahmed Jasim Al Zaabi, said: “With nearly $5bn of total investment, the overall agreement is testimony to the global investment community’s positive view on the attractiveness of both the UAE’s long-term potential, as well as the quality of Adnoc’s substantial infrastructure asset base.”

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Construction Week - Issue 751
Oct 13, 2019