Page 8 - MEOG Week 12
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MEOG PIPeLInes & transPort MEOG
ADNOC quits
handysize
bulk traders
uae
UAE-BASED Abu Dhabi National Oil and its 77-ship strong shipowning arm ADNOC Logis- tics & Services (L&S) has made an unexpected move, quitting the handysize bulker segment.
Brokers report that ADNOC has sold three Hyundai Mipo-built 36,00 dwt bulkers built between 2010 and 2011. Its selling streak started last week when the Arrilah-I was sold for $8.9m. This week its two remaining sister ships are reported sold, the Umm Ad Dalkh and Shah.
The duo were said to be sold on an en bloc basisforjustbelow$9meach.
The trio of bulkers have been with ADNOC since they left the yard.
Barely a year ago ADNOC’s Fleet took on no fewer than 25 Vessels which brought its fleet to 123, of which 47 were vessels involved in port operations..
At the time it said that ADNOC L&S would “play a critical role in supporting the delivery of ADNOC’s 2030 smart growth strategy, through which ADNOC will increase its oil production capacity to four million barrels per day (mmbpd) bytheendof2020andfivemmbpdby2030”.
BlackRock, Snam bid for stake in $15bn ADNOC unit
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ABU Dhabi state energy giant seeks to sell as much as 49% of its natural gas pipeline business through a lease structure
BlackRock, KKR & Co. and Italian infrastruc- ture operator Snam are among suitors that made initial bids for a stake in Abu Dhabi National Oil Company’s (ADNOC) natural gas pipelines, which could be valued at about $15 billion.
The firms are competing with other bidders including Australian fund manager IFM Inves- tors and Ontario Teachers Pension Plan that sub- mitted first-round offers in recent days. Global Infrastructure Partners and Singapore sovereign fund GIC Pte have also expressed initial interest in acquiring a stake in the business.
ADNOC is deciding when to set a timeline
for the next round of offers. Travel restrictions have made in-person meetings and due diligence visits more difficult, and other sale processes have been held up as tightening credit markets hampered bidders’ access to funding.
Abu Dhabi has been opening up the opera- tions of its state-owned oil producer to foreign partners, part of a push to diversify the UAE’s economy and generate additional sources of funding. ADNOC listed its fuel retail unit and sold a stake in its $11 billion drilling business to Baker Hughes Co.
KKR and BlackRock agreed last year to invest $4 billion in ADNOC’s oil pipeline network, securing two decades of guaranteed returns. GIC also bought a stake in the business later.
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w w w . N E W S B A S E . c o m Week 12 25•March•2020
