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ABU DHABI: The Abu Dhabi National Petroleum Corporation (ADNOC) has entered into a new agreement to invest in the infrastructure of oil transmission and distribution pipelines with the sovereign wealth fund of the Government of Singapore.
According to the agreement announced Tuesday, the Singapore sovereign wealth fund will invest $ 600 million in specific badets of the ADNOC pipeline and its distribution infrastructure.
The Sovereign Wealth Fund, owned by the Government of Singapore, receives 6% of the pipeline ADNOC Oil Pipeline, which has just been created in the form of a single limited liability company.
BlackRock and KKR together hold 40%, the Pension and Retirement Benefits Fund of Abu Dhabi 3%, while the ADNOC holds the remaining majority of 51%
ADNOC Pipeline will lease ADNOC's interest in 18 pipelines carrying crude oil and condensates from land and marine ADNOC concessions for 23 years.
ADNOC Oil Pipeline receives a rate paid by ADNOC for its share of crude oil and pipeline condensate quantities, with a minimum commitment of these quantities, which reserves the right to control and manage pipeline operations.
The agreement is expected to be finalized in the last quarter of 2019, subject to compliance with customary conditions and obtaining approvals from all applicable regulators.
ADNOC Pipeline Company leases 18 pipelines with a total length of more than 750 km and a total capacity of approximately 13 million barrels per day.
These badets represent a major transportation and distribution infrastructure for Abu Dhabi's energy system, allowing most of the crude oil production from Abu Dhabi's onshore and offshore badets to be transferred to major sales and distribution points. delivery of the emirate in order to convert it to other high value products or export them to the global energy markets.
The pipeline is based on long-term commitments to pump a minimal amount of oil and condensates, supported by stable production of ADNOC and Adenok Marine crude oil, which have partnerships with oil companies. International The average duration of land and maritime concessions of ADNOC is greater than 35 years.
This agreement follows the agreement reached earlier this year by ADNOC with Black Rock, KKR and the Pension and Retirement Benefits Fund of Abu Dhabi, with a view to investing 4 , $ 3 billion in these badets.
Following the signing of this agreement, the total value of BlackRock, KKR and the Abu Dhabi Pension and Retirement Fund investment investments will increase to $ 4.9 billion.
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