UAE - Mubasher: Abu Dhabi Pension Fund (ADPF) and ADQ will invest AED 7.7 billion ($2.1 billion) in the gas pipeline infrastructure assets of Abu Dhabi National Oil Company (ADNOC).
Under the agreement, ADNOC will sell to ADQ and ADPF 20% of ADNOC Gas Pipelines HoldCo, a wholly-owned subsidiary of ADNOC, according to a press release on Thursday.
ADNOC Gas Pipelines HoldCo owns 100% of ADNOC’s stake in Gas Pipeline Assets (ADNOC Gas Pipelines), which has lease rights to 38 gas pipelines.
In July 2020, a consortium of global investors allocated $10.1 billion to acquire a 49% stake in the same select ADNOC gas pipeline infrastructure assets.
The consortium comprises Global Infrastructure Partners, Brookfield Asset Management, Singapore’s sovereign wealth fund GIC, Ontario Teachers’ Pension Plan Board, NH Investment & Securities, and Snam.
Hence, ADNOC has succeeded in combining both international and domestic institutional investors in investment opportunities.
The UAE Minister of Industry and Advanced Technology and ADNOC Group CEO, Sultan Al Jaber, said: "Joining our global investor consortium partners in this landmark energy infrastructure investment, the addition of these high-caliber UAE investors sets a new benchmark for leading global and domestic institutional investors to deploy long-term equity capital into key ADNOC energy infrastructure assets."