6 Firms Sign $20b Agreement With Abu Dhabi State Oil Giant

A consortium of six global investors has entered into a $20.7 billion agreement with Abu Dhabi National Oil Company (ADNOC), the state-owned oil company said Tuesday. 
As part of the agreement, the group will invest $10.1 billion to acquire a 49% stake in a newly-formed subsidiary, ADNOC Gas Pipeline Assets, with lease rights to 38 pipelines, news outlets reported. 
ADNOC will hold the majority stake of 51% and will retain ownership of the pipelines. It will also manage operations and remain responsible for capital expenditure.
It is the single-largest energy infrastructure investment in the region, and the largest in the world in 2020, according to Abu Dhabi National Oil Company. It is also part of the UAE national oil company’s strategy to attract foreign capital and maximize the value of its assets.
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. 
“We are excited to have completed this deal, and once again partner with some of the word’s leading infrastructure and institutional investors,” said Sultan al-Jaber, chief executive officer of ADNOC Group and UAE’s minister of state.