GIC joins KKR and BlackRock in ADNOC Oil Pipelines acquisition
Singapore sovereign wealth fund GIC has joined KKR and BlackRock in the oil pipeline partnership with Abu Dhabi’s National Oil Company (ADNOC).
GIC will invest up to US$600 million oil pipeline partnership with Abu Dhabi’s National Oil Company (ADNOC) after the signed deal in February between the United Arab Emirates’ national oil company and U.S. heavyweights BlackRock and KKR.
The follow-on investment agreement will give GIC a 6% stake in the entity ADNOC Oil Pipelines LLC while BlackRock and KKR together hold 40%, with the Abu Dhabi’s Retirement Pensions and Benefits Fund (ADRPBF) holding 3% and ADNOC the remaining 51%. GIC has invested US$300 million in ADRPBF in April.
ADNOC will retain the sovereignty over and management of the pipeline operations. The the transaction is expected to close by the end of 2019, subject to approvals.
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