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ADPF and ADQ to invest $2.1bn in ADNOC gas pipeline infrastructure assets

Oct 16, 2020 (MarketLine via COMTEX) --

The UAEaEUR(TM)s state-owned oil company Abu Dhabi National Oil Company (ADNOC) has announced that Abu Dhabi Pension Fund (ADPF) and state holding company ADQ will invest $2.1bn in ADNOC gas pipeline assets.

ADPF and ADQ will take a 20% stake in ADNOC Gas Pipelines HoldCo, a subsidiary of ADNOC, with lease rights to 38 gas pipelines covering approximately 982km.

ADNOC Group CEO and UAE Industry and Advanced Technology minister Sultan Ahmed Al Jaber said: “We are delighted to once again partner with both Abu Dhabi Pension Fund and ADQ. Joining our global investor consortium partners in this landmark energy infrastructure investment, the addition of these high-calibre 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.

“By partnering again with Abu Dhabi Pension Fund, the custodian and investor of the UAE’s citizens savings and long-term prosperity, ADNOC is playing a pivotal role in ensuring the financial wellbeing of the UAE community and its people.

“This follow-on investment will generate stable, long-term value and returns to both Abu Dhabi Pension Fund and ADQ’s stakeholders.”

Expected to close later this month, the transaction is dependent on receiving all regulatory approvals and other customary closing conditions.

In July, a consortium of global investors invested $10.1bn for a collective 49% stake in the same select ADNOC gas pipeline infrastructure assets.

This consortium comprised Global Infrastructure Partners (GIP), Brookfield Asset Management, Ontario Teachers’ Pension Plan Board, Singapore’s sovereign wealth fund GIC, NH Investment & Securities and Snam.

Established in 2018, ADQ owns assets such as Abu Dhabi Ports, Abu Dhabi Airport, and bourse operator ADX.

Last month, ADNOC announced contracts worth $245m to upgrade two main oil lines (MOLs) and the Jebel Dhanna Terminal in Abu Dhabi.

In June, the state-owned firm reached a $20.7bn gas infrastructure deal with a consortium of investors.

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