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Energy

Abu Dhabi Pension Fund, ADQ to invest $2.1 billion in ADNOC gas assets

FILE PHOTO: Cars are seen an ADNOC petrol station in Abu Dhabi, United Arab Emirates July 10, 2017. REUTERS/Stringer

DUBAI (Reuters) - Abu Dhabi Pension Fund (ADPF) and state holding company ADQ will invest $2.1 billion in Abu Dhabi National Oil Co (ADNOC) gas pipeline assets, ADNOC said on Thursday.

They will take a 20% stake in ADNOC Gas Pipelines, it said in a statement, a subsidiary with lease rights to 38 gas pipelines covering 982 kilometres.

In June, a consortium of Global Infrastructure Partners (GIP), Brookfield Asset Management, Singapore’s sovereign wealth fund GIC, the Ontario Teachers’ Pension Plan Board, NH Investment & Securities and Italy’s Snam agreed to invest $10.1 billion in ADNOC gas pipeline assets for a 49% collective stake.

ADQ, which was established in 2018, owns assets such as Abu Dhabi Ports, Abu Dhabi Airport and bourse operator ADX.

It has also built up a portfolio of food and agriculture businesses and recently took a 22% stake in Dubai-based courier Aramex.

Reporting by Rania El Gamal and Saeed Azhar; editing by Jason Neely

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