Abu Dhabi National Oil Company announced that a consortium of leading international investors (Global Infrastructure Partners, Brookfield, GIC, Ontario Teachers’ Pension Plan Board, Snam and NH Investment & Securities, together the “Consortium”), will collectively acquire a 49% stake in ADNOC Gas Pipeline Assets LLC (henceforth referred to as “ADNOC Gas Pipelines”), a newly formed subsidiary of ADNOC with lease rights to 38 pipelines covering a total of 982.3 kilometers. ADNOC will hold the 51% majority stake valuing ADNOC Gas Pipeline’s assets at $20.7 billion.
The Target assets will be operated and managed by ADNOC under a long-term Use and Operation (U&O) agreement and will benefit from a long-term minimum volume off-take commitment from ADNOC as well.
Commenting on the bank’s role, Rola Abu Manneh, Chief Executive Officer for Standard Chartered, UAE said: “As Standard Chartered, we are delighted to be involved in this transaction supporting a number of our core clients such as ADNOC; and the Consortium. The successful signing of this landmark transaction is a strong vote of confidence by the global investment community in Abu Dhabi as an attractive investment destination and ADNOC as a key partner of choice.”
Torry Berntsen, Chief Executive Officer and Head of Corporate & Institutional Banking, Americas added: “We are extremely proud to support the Consortium, which includes a number of key clients. This is an inaugural investment into the Middle East for some of them, and we appreciate the opportunity to be a trusted partner in supporting their growth ambitions.”