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| Tue, 23rd Jun 2020 16:22:00 |
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UAE Oil Major Signs A $20 Billion Gas Deal |
UAE's ADNOC today announced a $20.7-billion deal with six international companies for the acquisition of a minority stake in Adnoc Gas Pipeline Assets.
Under the terms of the deal, Global Infrastructure Partners, Brookfield Asset Management, Singapore's sovereign wealth fund, the Ontario Teachers' Pension Plan Board, Snam, and NH Investment and Securities will acquire a 49-percent interest in ADNOC Gas Pipeline Assets, a new subsidiary of the UAE's national oil and gas company.
The acquisition will give the buyers lease rights to 38 pipelines, but ADNOC will retain ownership of the assets and responsibility for capital expenditure plans. The lease rights will be in effect for 20 years.
"The innovative transaction structure allows ADNOC to tap new pools of global institutional investment capital, whilst at the same time maintaining full operating control over the assets included as part of the investment," the Emirati company said in its press release.
Reports about ADNOC's plans to sell a minority stake in its gas pipeline infrastructure emerged last year, with unnamed sources saying the company was eyeing proceeds of up to $5 billion.
The sale process, which could be structured as a long-term lease rather than a direct stake sale, is expected to attract private equity firms and infrastructure funds, the sources told Bloomberg.
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