Friday , December 4 2020

ADNOC attracts 14.7 billion AED in foreign investments

Sharjah –

Abu Dhabi National Oil Company (ADNOC) today announced a strategic partnership agreement in the pipeline infrastructure with KKR and BlackRock, two leading and world-leading investment institutions.

The agreement was signed by HE Dr Sultan bin Ahmed Al Jaber, Minister of State and CEO of Abu Dhabi National Oil Company (ADNOC) and Company Group, Lawrence De Vinc, Chairman and CEO of Black Rock, and Henry Cravis, Joint Chair and Joint CEO For KKR, at ADNOC headquarters.

According to the agreement, the recently created ADNOC Oil Pipeline, as a single limited liability company, will lease the ADNOC share in 18 pipelines that transport raw oil and condenses of ADNOC land and sea concessions for 23 years.

ADNOC Pipeline LLC is paid by ADNOC for its proportion of crude oil and condensation after pipe pumping, with a minimum commitment of these amounts.

The money managed by Black Rock and KKR will form a consortium that will acquire 40% of the ADNOC Oil Line LLC, while ADNOC will retain most 60% In addition to the right to manage and control operations & pipeline. The agreement will generate 14.7 billion AED in advance payments to ADNOC.

BlackRock and KKR long-term investment underlines UAE with Abu Dhabi as a rapidly growing investment destination for foreign capital.

The agreement specifies the first time for the main capital investment housing investing capital in the main infrastructure assets of a national oil company in the Middle East.

In conjunction with this agreement, ADNOC works to set up the basic work and create the conditions for more infrastructure investment opportunities with a number of investment organizations.

The ADNOC share of the ADNOC Oil Pipeline (ADNOC) will be 60% owned by ADNOC through ADNOC Infrastructure LLC, a 100% subsidiary belonging to ADNOC.

ADNOC Infrastructure LLC also owns an ADNOC 100% share in Abu Dhabi Crude Oil Pipeline Company LLC (ADCOP).

ADNOC Infrastructure LLC is expected to add, in due course, an additional set of ADNOC infrastructure assets to a new and innovative investment platform.

HE Dr Sultan bin Ahmed Al Jaber said ADNOC is committed to maximizing the value of resources and natural assets by attracting strategic investments that cover different aspects of oil and gas business.

Source link