Brief: UAE's ADNOC Announces $20.7 Bln Energy Infrastructure Deal - Statement

NH Investment & Securities Co

23/06/2020 08:09

June 23 (Reuters) - ABU DHABI NATIONAL OIL CO  ADNOC.UL :
    * ADNOC ANNOUNCES $20.7 BILLION ENERGY INFRASTRUCTURE DEAL -
STATEMENT
    * ADNOC HAS ENTERED INTO AN AGREEMENT WITH SOME OF
INFRASTRUCTURE
INVESTORS AND OPERATORS, SOVEREIGN WEALTH AND PENSION FUNDS-
STATEMENT
    * A CONSORTIUM OF INVESTORS COMPRISING GLOBAL INFRASTRUCTURE
PARTNERS (GIP), BROOKFIELD ASSET MANAGEMENT, SINGAPORE’S
SOVEREIGN WEALTH FUND GIC, ONTARIO TEACHERS’ PENSION PLAN BOARD
(ONTARIO TEACHERS’), NH INVESTMENT & SECURITIES AND SNAM (THE
CONSORTIUM), WILL INVEST IN SELECT ADNOC GAS PIPELINE ASSETS
VALUED AT $20.7 BILLION
    * CONSORTIUM WILL COLLECTIVELY ACQUIRE A 49% STAKE IN ADNOC
GAS
PIPELINE ASSETS LLC
    * THE TERMS OF THE AGREEMENT, ADNOC WILL LEASE ITS OWNERSHIP
INTEREST IN ASSETS TO ADNOC GAS PIPELINES FOR 20 YEARS IN RETURN
FOR A VOLUME-BASED TARIFF SUBJECT TO A FLOOR AND A CAP
    * TRANSACTION WILL RESULT IN UPFRONT PROCEEDS OF OVER $10
BILLION
TO ADNOC
    * SAYS GAS PIPELINE NETWORK CONNECTS ADNOC’S UPSTREAM ASSETS
TO
LOCAL UAE OFF-TAKERS- STATEMENT
    * OWNERSHIP OF PIPELINES, MANAGEMENT OF PIPELINE OPERATIONS,
AND
ALL RESPONSIBILITY FOR ASSOCIATED OPERATIONAL AND CAPITAL
EXPENDITURES WILL REMAIN WITH ADNOC
    * SAYS FOR ADNOC’S PARTNERS, THIS TRANSACTION REPRESENTS A
UNIQUE
OPPORTUNITY TO INVEST IN QUALITY ENERGY INFRASTRUCTURE ASSETS
WITH A LOW-RISK PROFILE THAT GENERATE STABLE CASH FLOWS
    * BANK OF AMERICA SECURITIES, FIRST ABU DHABI BANK AND
MIZUHO
SECURITIES ACTED AS FINANCIAL ADVISORS TO ADNOC
    * MOELIS & COMPANY ACTED AS AN INDEPENDENT FINANCIAL ADVISOR
TO
ADNOC

Source:(https://bit.ly/3fIHS94)
Further company coverage:  ADNOC.UL 

 ((Reuters.Briefs@thomsonreuters.com;))