Adnoc May Sell 49% Stake in Gas Pipelines: Press

The UAE's Abu Dhabi National Oil Co (Adnoc) is close to selling a stake in its natural gas pipelines to an investor group backed by Global Infrastructure Partners (GIP) and Brookfield Asset Management, Bloomberg reported on June 2 citing sources.

State-run Adnoc is likely to sell a 49% stake in the pipelines this month. The deal could value the pipelines at more than $15bn, including debt, sources told Bloomberg.

Equity financing has been arranged and the bidders are negotiating the terms of a debt package with banks. While discussions are advanced and ongoing, the timing and valuation could still change, according to the sources.

The GIP consortium also includes Italian infrastructure operator Snam SpA, Ontario Teachers’ Pension Plan, Singapore sovereign fund GIC Pte and South Korea’s NH Investment & Securities Co, Bloomberg said.

Representatives for Adnoc, GIP, Brookfield, Ontario Teachers’, Snam and NH Investment declined to comment, according to Bloomberg. GIC did not immediately respond to requests for comment.