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The state-owned Abu Dhabi National Oil Company (ADNOC) has entered into a $20.7 billion agreement with six global investors in the region's single-largest energy infrastructure investment, the world's largest in 2020.
The six companies involved are Global Infrastructure Partners, Brookfield Asset Management, Singapore's sovereign wealth fund GIC, Ontario Teachers' Pension Plan Board, NH Investment & Securities, and Snam.
The deal is part of ADNOC's strategy to attract foreign capital and maximize its assets.
The agreement states that the consortium will invest $10.1 billion to acquire a 49 percent share in a newly-formed subsidiary, ADNOC Gas Pipeline Assets, and lease rights to 38 pipelines.
ADNOC will hold a 51 percent stake in the subsidiary and retain ownership of the pipelines while managing operations and remaining responsible for capital expenditure.
Sultan al-Jaber, UAE's minister of state and chief executive officer of ADNOC Group, said the agreement allows ADNOC to reinvest responsibly and finance activities with higher returns.
He added that the deal was a huge achievement due to the challenging economic and business environment.
ADNOC, according to al-Jaber, would continue to develop and explore investment opportunities that provide an attractive risk-return profile to investors.
