Middle East Deals: Abu Dhabi Adnoc Seeks Investors for $21 Billion Gas Pipeline - Bloomberg:
Abu Dhabi is considering bringing local investors into its natural-gas pipeline network, according to people familiar with the matter, just months after raising cash from foreign funds.
State-owned Abu Dhabi National Oil Co. is discussing moving its 51% holding in the pipelines into a special-purpose vehicle, according to the people. It would then sell about 20% of the vehicle to one or more local funds, giving them an indirect interest in the underlying assets, the people said, asking not to be identified because the information is private.
The company plans to do any deal at the same valuation as a transaction in June, when it sold a stake in the pipelines to international investors, valuing the asset at nearly $21 billion including debt, the people said. Adnoc would retain operational control of the pipeline network after the sale, according to the people.
Abu Dhabi, the capital of the United Arab Emirates, has been opening up its energy industry as it tries to generate additional sources of funding. The pipeline deals will bring in cash at a time when the emirate is grappling with this year’s plunge in crude prices and the coronavirus pandemic.
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