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rdf:type	schema:NewsArticle
schema:articleBody	Abu Dhabi National Oil Company (ADNOC) said on Tuesday it has agreed to sell a 49-percent stake in its gas pipeline subsidiary to leading global investors for over $10 billion. Under the deal, the consortium of investors acquires a 49-percent stake in Gas Pipeline Assets, a newly formed subsidiary of ADNOC with lease rights to 38 pipelines covering a total of 982.3 kilometres (614 miles). State-owned ADNOC, which manages all the hydrocarbon resources of the emirate of Abu Dhabi, will continue to hold a 51-percent majority stake in the gas subsidiary, it said in a statement. The deal puts the value of the gas pipeline assets at $20.7 billion, the statement said. The consortium includes Singapore's sovereign wealth fund GIC and Brookfield Asset Management, a long-term asset manager, among others. ADNOC said the deal provides over $10 billion in cash proceeds to the state-owned firm amid a sharp plunge in oil income, which makes up the majority of Abu Dhabi's public revenues. Last year, it raised $4 billion by selling 40 percent in ADNOC Oil Pipeline, a subsidiary that carries all Abu Dhabi crude, to US-based investors BlackRock and KKR. Since 2017, ADNOC has granted concession rights in existing and new oilfields to leading international companies. ADNOC CEO, Sultan al-Jaber, said the latest deal is the region's largest infrastructure investment and that it "signals continued strong interest in ADNOC's low-risk, income-generating assets". The United Arab Emirates, a leading OPEC crude producer, holds the world's sixth biggest gas reserves, and in recent months it has announced fresh discoveries of massive quantities of gas and crude oil. ADNOC plans to boost gas production so that the UAE becomes a net exporter, and also to raise crude output capacity to four million bpd in 2020 and to five million bpd a decade later. bur-oh/sls/kir
schema:headline	Abu Dhabi's ADNOC sells pipeline firm stake to foreign investors
schema:mentions	OPEC Sovereign wealth fund BlackRock Petroleum Sultan Abu Dhabi Management Pipeline transport United Arab Emirates Singapore Chief executive officer GIC Private Limited Brookfield Asset Management Abu Dhabi National Oil Company Kohlberg Kravis Roberts Emirate Mark Roebuck Kir (cocktail)
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-06-23 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	neutral sentiment
http://data.cimple...readability_score	77 (xsd:integer)
http://data.cimple...tology#hasEmotion	happiness

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