- The International Energy Agency expects oil demand growth to slow in 2024
- The International Monetary Fund re-selects Kristalina Georgieva as its director
- Libya to target producing 1.4 million b/d by end 2024
- TotalEnergies launches the Marsa LNG project and deploys it multi-energy strategy in Oman
- H.E. Minister Al-Kaabi: Demand for oil and gas will continue for long; we have to be responsible, and Qatar is doing its part
- Egypt to stop exporting LNG starting from the beginning of May 2024
- QatarEnergy selects Nakilat to own and operate 25 conventional LNG vessels
- The joint development of the Dorra field between Saudi Arabia and Kuwait is pending the demarcation of the border with Iran
- Minister of Energy reaffirms the UAE’s commitment to adopting clean energy and supporting the Paris Agreement
- The new Hassi Messaoud refinery enjoys the support of the government and President Tebboune
UAE: Huge foreign investment projects in ADNOC’s infrastructure
In one of the largest global energy infrastructure transactions that will give a strong impetus to strategic projects in the UAE, ADNOC has entered into an agreement with a consortium of major global investors in the field of infrastructure, to invest $ 20.7 billion in ADNOC gas pipeline assets.
The six companies involved in the consortium are Global Infrastructure Partners, Brookfield Asset Management, Singapore’s sovereign wealth fund GIC, Ontario Teachers’ Pension Plan Board, NH Investment & Securities and Italian Sanam.
ADNOC holds a majority stake of 51%, and the group will acquire a 49% stake in ADNOC’s gas pipeline assets which is represented by a subsidiary of ADNOC with rights to lease 38 pipelines covering a total of 982.3 km.
Under the terms of the agreement, ADNOC will lease its ownership interest in the assets to ADNOC Gas Pipeline Company for a period of 20 years in exchange for a volume-based tariff subject to floor and ceiling. The deal will result in more than $ 10 billion in revenue for ADNOC.
