Snam completes purchase of ADNOC Gas Pipelines

Snam completes purchase of ADNOC Gas Pipelines

The consortium including Italy's Snam has completed the multi-billion dollar acquisition of 49% of ADNOC Gas Pipeline Assets (ADNOC Gas Pipelines) from The Abu Dhabi National Oil Company (ADNOC), Snam said in a statement on Wednesday.

The mega-deal values 49% of ADNOC Gas Pipelines, a company that holds, for a period of 20 years, the management rights for 38 pipelines in the United Arab Emirates, at approximately 10.1 billion dollars, according to the statement.

"For Snam, which is the consortium’s only industrial operator, this is an important investment opportunity in strategic infrastructure, with the potential for future collaboration in the energy transition in the Gulf area," said the statement.

Other consortium members include investment funds Global Infrastructure Partners (GIP), Brookfield Asset Management, GIC (the sovereign wealth fund of Singapore), Ontario Teachers’ Pension Plan and NH Investment & Securities, the statement said.

The deal was first announced on 23 June.