GIC to invest $600m in ADNOC crude pipeline infrastructure

Desert_oil_pumpsSingaporean sovereign wealth fund, GIC, will invest $600 million in select parts of the Abu Dhabi National Oil Company’s (ADNOC) crude pipeline infrastructure. The move follows similar deals by BlackRock, KKR and the Abu Dhabi Retirement Pensions and Benefits Fund (ADRPBF) earlier this year. The combined lease-based investment of GIC, BlackRock, KKR and ADRPBF totals $4.9 billion. GIC will hold a 6% stake in ADNOC Oil Pipelines LLC, BlackRock and KKR will together hold 40%, ADRPBF will hold 3% and ADNOC the remaining 51%. “As a global long-term investor, we are confident in the quality of ADNOC’s substantial oil pipeline network, which is a core element of Abu Dhabi’s energy ecosystem,” said Ang Eng Seng, chief investment officer for infrastructure at GIC. “We look forward to supporting ADNOC in the future growth of its oil pipeline business.” Ahmed Jasim Al Zaabi, group director for finance and investment at ADNOC said the deal demonstrates the global investment community’s “positive view on the attractiveness of both the UAE’s long-term potential, as well as the quality of ADNOC’s substantial infrastructure asset base.” ©2019 funds global asia

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