UAE: Abu Dhabi Seals $10 Billion Gas Pipeline Deal

UAE: Abu Dhabi Seals $10 Billion Gas Pipeline Deal

UAE: Abu Dhabi Seals $10 Billion Gas Pipeline Deal

Published June 24th, 2020 - 06:30 GMT











Highlights





Major investment pact highlights appetite for regional energy assets despite fall in oil prices, experts say







Abu Dhabi, capital of the UAE, has pulled off a large foreign direct investment (FDI) deal with a transaction to sell a stake in its gas pipeline network to an international consortium of investors for $10.1 billion.

The deal, between the Abu Dhabi National Oil Corporation (ADNOC) and some of the most prominent global names in infrastructure investment, is the latest in a series of transactions that have seen ADNOC bring big foreign investors into its energy industry.

Sultan Al-Jaber, UAE minister of state and ADNOC CEO, said: "We are pleased to once again partner with some of the world's leading global infrastructure and institutional investors in what marks the region's largest energy infrastructure investment.“

He told Bloomberg TV: "Given the global economic climate, it is a great endorsement of ADNOC and the UAE's world-class assets.“

The new investors comprise some of the biggest institutional players in infrastructure projects, led by US firm Global Infrastructure Partners, Singaporean sovereign wealth fund GIC, Canadian investor