The sovereign wealth fund of Singapore, GIC said it will be investing about $600 million in the pipeline infrastructure of ADNOC.
ADNOC said in a statement that the investment from GIC is coming after BlackRock, KKR and the Abu Dhabi Retirement Pensions and Benefits Fund (ADRPBF) made a similar investment.
However, the terms and value of the previous investment were not disclosed.
According to a report by Reuters, the investment by GIC will make the lease-based investment of GIC, ADRPBF, KKR and BlackRock in the ADNOC’s pipeline infrastructure to $4.9 billion.
GIC will acquire a 6% stake in ADNOC’s newly formed entity, ADNOC Oil Pipelines LLC (ADNOC Oil Pipeline), with BlackRock and KKR together holding 40%, ADRPBF 3% and ADNOC the remaining 51%.