Abu Dhabi Funds Invest $2.1 Billion in Adnoc Gas Pipelines - Bloomberg:
Abu Dhabi government institutional investors are paying $2.1 billion for a stake in a natural gas pipelines unit run by Abu Dhabi National Oil Co.
Abu Dhabi Pension Fund and holding company ADQ will take an indirect stake in the pipelines unit Adnoc set up earlier this year, the oil and gas company said in a statement. Adnoc is doing the transaction at the same price as a deal in June, when it agreed to sell a stake in the gas pipelines business to international investors and valued the business at $20.7 billion.
The deal enables local government funds to earn returns on infrastructure assets alongside global money managers.
Adnoc has raised about $16 billion so far this year from its assets and from the sale of shares in its service station unit as part of a financial and organizational restructuring the company started four years ago. Abu Dhabi, capital of the United Arab Emirates, is using its hydrocarbon wealth to attract investors to the country and generate cash from new sources. The U.A.E. is the third-largest oil producer in OPEC.
No comments:
Post a Comment