|04 September, 2019

UAE's ADNOC closes $600mln investment agreement with Singapore's GIC

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

ADNOC assigned AA+ Standalone and AA Long-Term Issuer Default Credit Rating by Fitch. Image used for illustrative purpose.

ADNOC assigned AA+ Standalone and AA Long-Term Issuer Default Credit Rating by Fitch. Image used for illustrative purpose.

ADNOC / Handout via Zawya

Abu Dhabi National Oil Company (ADNOC) announced the closure of a $600 million pipeline infrastructure investment agreement with GIC, Singapore’s sovereign wealth fund.

The closing takes the combined investment in select ADNOC oil pipeline infrastructure by BlackRock, KKR, Abu Dhabi Retirement Pensions and Benefits Fund (ADRPBF)  and GIC to $4.9 billion, ADNOC’s statement said.

BlackRock and KKR together hold 40 percent of the newly formed entity ADNOC Oil Pipelines, while ADRPBF holds 3 percent, GIC 6 percent and ADNOC the remaining 51 percent.

The statement added that the sovereignty over the pipelines and the management of pipeline operations will remain with ADNOC.

Ahmed Jasim Al Zaabi, Group Director Finance and Investment at ADNOC commented: “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,” he added.

(Reporting by Gerard Aoun; Editing by Mily Chakrabarty)

(gerard.aoun@refinitiv.com)

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