July 30, 2019 / 12:03 PM / 3 months ago

Singapore's sovereign wealth fund to invest $600 million ADNOC's crude pipelines

DUBAI, July 30 (Reuters)C)[GIC - Singapore's sovereign wealth fund (GI.UL] 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 (ADRPBF), 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%.

Reporting by Dahlia Nehme; Editing by Louise Heavens

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