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ADNOC announces pipeline investments worth $20.7 billion

23/06/2020
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The Abu Dhabi National Oil Company (ADNOC) has announced an investment deal with a consortium of investors for gas pipeline assets worth $20.7 billion. 

ADNOC's increase in pipeline projects will create thousands of jobs in the region
(Image via ADNOC)

The company has launched a newly formed subsidiary - ADNOC Gas Pipeline Assets LLC - for upcoming projects, and has secured investments for a collective 49% stake from Global Infrastructure Partners (GIP), Brookfield Asset Management, Singapore’s sovereign wealth fund GIC, Ontario Teachers’ Pension Plan Board, NH Investment & Securities and Snam (the Consortium).

ADNOC Gas Pipelines will hold the lease rights to 38 pipelines covering 982.3km, connecting ANOC’s upstream assets to local UAE offtakers. The newly formed subsidiary will lease its ownership from ADNOC for 20 years, resulting in upfront proceeds of over $10 billion to ADNOC. Ownership of the pipelines, management of operations and all responsibility for associated operational and capital expenditures will remain with ADNOC.

“We are pleased to once again partner with some of the world’s leading global infrastructure and institutional investors in what marks the region’s largest energy infrastructure investment,” said UAE Minister of State and ADNOC Group CEO, Dr. Sultan Al Jaber. 

“This milestone transaction demonstrates the trust and confidence placed in ADNOC by the global investment community and unlocks significant value from our pipeline portfolio, following last year’s groundbreaking oil pipeline infrastructure investment partnership. Today’s landmark investment signals continued strong interest in ADNOC’s low-risk, income-generating assets, and sets another benchmark for large-scale energy infrastructure investments in the UAE and the wider region. It solidifies ADNOC’s position as an attractive partner and reinforces the UAE’s track record as the region’s go-to foreign direct investment destination, even during the current unprecedented circumstances.”

Adebayo Ogunlesi, Chairman and Managing Partner of GIP said: 

“We are delighted to be entering into this strategic partnership with ADNOC, one of the world’s leading energy companies. ADNOC’s gas network is a core piece of midstream infrastructure in the UAE and this transaction presents a unique opportunity to invest in an asset of this quality and importance, while also supporting ADNOC in their smart growth strategy. This transaction underscores GIP’s strategy of investing in high quality infrastructure assets and developing long term strategic partnerships with industry leaders.”

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ADNOC announces pipeline investments worth $20.7 billion - Time to read 2 min
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