Singapore’s sovereign wealth fund (GIC) has entered into a $600 million follow-on pipeline infrastructure investment agreement with the Abu Dhabi National Oil Company (Adnoc).
Under the agreement, GIC will acquire 6% of Adnoc Oil Pipelines, while BlackRock and KKR hold a combined stake of 40% and ADRPBF owns 3%.
“We are delighted that GIC, one of the world’s most renowned sovereign wealth funds and a leading long-term global investor, has joined KKR, BlackRock and the Abu Dhabi Pensions Fund in this pioneering investment in select ADNOC oil pipelines,” group director for finance and investment at Adnoc, Ahmed Jasim Al Zaabi, commented.
Holding a 51% stake in Adnoc Oil Pipelines, Adnoc will retain sovereignty over the pipelines and management of pipeline operations.
“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,” chief investment officer for infrastructure at GIC, Ang Eng Seng, said.
The deal is expected to be closed by year-end subject to customary closing conditions and all regulatory approvals.