Singapore wealth fund GIC to invest $600m in ADNOC’s crude pipelines

A GIC signage is pictured during their results announcement in Singapore July 2, 2019. REUTERS/Anshuman Daga

GIC, Singapore’s sovereign wealth fund, will invest $600 million in ADNOC’s crude pipeline infrastructure, following similar deals by BlackRock, KKR and the Abu Dhabi Retirement Pensions and Benefits Fund, ADNOC said on Tuesday.

The deal will take the combined lease-based investment of GIC, ADRPBF, KKR and BlackRock in the ADNOC’s pipeline infrastructure to $4.9 billion, according to ADNOC’s statement.

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%.