Adnoc inks deal with Singaporean sovereign wealth fund

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ABU DHABI: The Abu Dhabi National Oil Company (Adnoc) announced on Tuesday that it has entered into a further follow-on pipeline infrastructure investment agreement with GIC, Singapore’s sovereign wealth fund. According to a statement, GIC will invest $600 million (Dh2.2 billion) in select Adnoc crude pipeline infrastructure, following BlackRock, KKR and the Abu Dhabi Retirement Pensions and Benefits Fund (ADRPBF), who earlier this year signed agreements to invest $4.3 billion in these assets. This takes the combined lease-based investment of GIC, ADRPBF, KKR and BlackRock to $4.9 billion. This follow-on investment agreement will see GIC acquire a six per cent stake in a newly formed entity, Adnoc Oil Pipelines, with BlackRock and KKR together holding 40 per cent, ADRPBF three per cent and Adnoc the remaining 51 per cent.

Sovereignty over the pipelines and management of pipeline operations remain with Adnoc, the statement added, noting that the transaction is expected to close before the end of 2019, subject to customary closing conditions and all regulatory approvals.

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