Page 7 - MEOG Week 15 2021
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MEOG FINANCE & INVESTMENT MEOG
an international bond issuance through the Abu than $15bn, including debt.
Dhabi Crude Oil Pipeline Co. (ADCOP) subsid- The GIP consortium also includes Italian
iary, an IPO in retail unit ADNOC Distribution, infrastructure operator Snam SpA, Ontario
and the sale of minority stakes in ADNOC Drill- Teachers’ Pension Plan, Singapore sovereign
ing as well as the refining deal. fund GIC and South Korea’s NH Investment &
Later that year, BlackRock and KKR were Securities Co.
joined in the pipeline JV by the Abu Dhabi The consortium acquired a collective 49%
Retirement Pensions and Benefits Fund stake in ADNOC Gas Pipeline Assets (ADNOC
(ADRPBF) and Singapore’s sovereign wealth Gas Pipelines) for $10.1bn. The gas subsidiary
fund GIC, with the latter acquiring a 6% stake holds lease rights to 38 gas pipelines covering a
for $600mn. total of 982 km.
In July 2020, ADNOC signed a joint venture In October, the Abu Dhabi Pension Fund
(JV) agreement with holding company ADQ to (ADPF) and ADQ agreed to invest $2.1bn into
create a new investment platform to fund and select ADNOC gas pipeline infrastructure assets.
oversee the development of industrial projects The deal saw ADNOC divesting 20% in
in the planned Ruwais Derivatives Park. ADNOC Gas Pipelines HoldCo, the wholly
It then agreed a deal to sell a multi-bil- owned subsidiary that holds 100% of its interest
lion-dollar stake in its natural gas pipelines to an in ADNOC Gas Pipelines, to ADPF and ADQ.
investor group backed by Global Infrastructure This left ADNOC with a stake of 40.8% in
Partners (GIP) and Brookfield Asset Manage- ADNOC Gas Pipelines, having raised $12.2bn
ment in a deal that valued the pipelines at more from the 59.2% it has either sold or leased.
Week 15 14•April•2021 www. NEWSBASE .com P7
