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ADNOC closes $600 million with Singapore wealth fund

The Abu Dhabi National Oil Company, ADNOC, today announced that it has formally closed its US$600 million pipeline infrastructure investment agreement with GIC, Singapore’s sovereign wealth fund.

This marks the successful closing of the total investment transaction, following the formal closing of the initial investment agreement with BlackRock and KKR on 27th June, and the subsequent closing of the Abu Dhabi Retirement Pensions and Benefits Fund, ADRPBF, investment on 1st August.

The closing takes the combined investment in select ADNOC oil pipeline infrastructure by BlackRock, KKR, ADRPBF and GIC to $4.9 billion.

The innovative leasing investment structure marks the first time that leading, global and domestic institutional investors have deployed long-term capital into key ADNOC infrastructure assets. BlackRock and KKR together hold 40 percent, ADRPBF three percent, GIC six percent, and ADNOC the remaining 51 percent in the newly formed entity, ADNOC Oil Pipelines. 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. The caliber of these leading global and domestic investors underlines the quality and attractiveness of ADNOC’s infrastructure assets and our ability to efficiently structure and close value-creating investment opportunities for our partners and investors.”

Over the last two years, ADNOC has significantly expanded its strategic partnership and co-investment model and created new investment opportunities across all areas of its value chain, while at the same time, more proactively managing its portfolio of assets and capital.

Source: WAM

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