The Abu Dhabi National Oil Company said on June 23 it was selling a 49% stake in its gas pipeline network to a consortium of investors in a deal that values the assets at $20.7 billion.
Global Infrastructure Partners, Brookfield Asset Management, Singaporean sovereign wealth fund GIC, Ontario Teachers’ Pension Plan Board, NH Investment & Securities and Italian energy group Snam will become co-owners of ADNOC Gas Pipelines, a newly formed subsidiary of ADNOC with lease rights to 38 pipelines covering a total of 982 kilometres. ADNOC will retain a 51% majority stake.
ADNOC will lease its ownership interest in the assets to ADNOC Gas Pipelines for 20 years in return for a tariff that will vary depending on the volumes of gas that flow through the pipeline. The tariff is to be subject to a floor and a cap. ADNOC said the transaction would result in upfront proceeds of over $10 billion.
Snam said the consortium had obtained approximately $8 billion in funding from a pool of international banks. The Italian company said its equity contribution was $250 million, with other members of the consortium making a similar investment and GIP holding a larger stake.
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