Adnoc has finalized its second major infrastructure transaction of the past 18 months, raising $10.1bn through the leasing of its gas pipeline infrastructure in a deal announced on 23 June. The funds can be ploughed into Adnoc’s capital-intensive plans to ramp up crude oil and gas production capacity and expand Abu Dhabi’s refining and petrochemicals sector.
A consortium of six investors is to acquire a 49% stake in the newly established Adnoc Gas Pipelines, with Adnoc to hold the remaining 51%. Adnoc Gas Pipelines will then lease the rights to 38 pipelines totalling 982.3km for a period of 20 years “in return for a volume-based tariff subject to a floor and a cap.” The transaction values the gas pipelines at $20.7bn. (CONTINUED - 779 WORDS)