Abu Dhabi pension fund invests $300M in ADNOC Oil Pipelines

Abu Dhabi Retirement Pensions and Benefits Fund (ADRPBF) will invest around $300 million into the recently formed ADNOC Oil Pipelines, operated by ADNOC.

 Riyad Al Mubarak, Abu Dhabi Retirement Pensions and Benefits Fund Chairman (left) and Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO (right) – Image source: ADNOC

This was shared on Monday by the Abu Dhabi National Oil Company (ADNOC) which reminded that the ADRPBF investment came after a recent $4 billion initial investment agreement signed with Blackrock and KKR.

This follow-on investment agreement will see ADRPBF acquire a 3% stake in  ADNOC Oil Pipelines – Sole Proprietorship, with BlackRock and KKR together holding 40% and ADNOC the remaining 57%.

ADNOC Oil Pipelines leases ADNOC’s interest in 18 pipelines, transporting stabilized crude oil and condensate across ADNOC’s offshore and onshore upstream concessions, for a 23-year period.

The collection of 18 pipelines being leased by ADNOC Oil Pipelines has a total length of over 750km, and a total aggregate capacity of approximately 13,000 Mbblpd (gross). The pipelines allow for much of Abu Dhabi’s crude oil production to be transported from ADNOC’s onshore and offshore upstream assets, to Abu Dhabi’s takeaway outlets and terminals for conversion.

ADNOC Oil Pipelines receives a tariff payable by ADNOC, for its share of volume of crude and condensate that flows through the pipelines, backed by minimum volume commitments. Sovereignty over the pipelines and management of pipeline operations remain with ADNOC.

Commenting on the transaction,  Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO said: “We are delighted that Abu Dhabi Retirement Pensions and Benefits Fund have joined BlackRock and KKR in this pioneering infrastructure investment. Abu Dhabi Retirement Pensions and Benefits Fund is a trusted custodian and investor of our citizen’s savings and long term prosperity. By partnering with the Fund, ADNOC will play an important role in ensuring the financial wellbeing of the UAE’s people.”

Riyad Al Mubarak, Abu Dhabi Retirement Pensions and Benefits Fund Chairman said the investment would guarantee the diversification of the fund’s investments, “which will, in turn, serve our long term priority of continuous prosperity and financial security of UAE citizens. ”

The transaction is expected to close in Q4 2019, subject to customary closing conditions and all regulatory approvals.


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