UAE's Adnoc closes $600m pipelines deal with Singapore's SWF

Abu Dhabi National Oil Company says GIC deal marks the completion of the total investment transaction worth $4.9bn
UAE's Adnoc closes $600m pipelines deal with Singapore's SWF
Over the last two years, Adnoc said it has significantly expanded its strategic partnership and co-investment model and created new investment opportunities across all areas of its value chain.
By Sam Bridge
Wed 04 Sep 2019 01:57 PM

Abu Dhabi National Oil Company (Adnoc) on Wednesday announced that it has formally closed its $600 million pipeline infrastructure investment agreement with GIC, Singapore’s sovereign wealth fund.

This marks the completion of the total investment transaction, following the formal closing of the initial investment agreement with BlackRock and KKR in June, and the subsequent closing of the Abu Dhabi Retirement Pensions and Benefits Fund (ADRPBF) investment last month.

The closing takes the combined investment in select Adnoc oil pipeline infrastructure to $4.9 billion, a statement said.

BlackRock and KKR together hold 40 percent, ADRPBF 3 percent, GIC 6 percent, and Adnoc the remaining 51 percent in the newly formed entity, Adnoc Oil Pipelines, it added.

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."

Over the last two years, Adnoc said it has significantly expanded its strategic partnership and co-investment model and created new investment opportunities across all areas of its value chain.

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