Standard Chartered Acts As Senior Mandated Lead Arranger And For The Acquisition Financing Facility
Abu Dhabi National Oil Company (“ADNOC”)announced that a consortium of leading international investors (Global Infrastructure Partners, Brookfield, GIC, Ontario Teachers’ Pension Plan Board, Snam and NH Investment & Securities, together the “Consortium”), will collectively acquire a 49% stake in ADNOC Gas Pipeline Assets LLC (henceforth referred to as “ADNOC Gas Pipelines”), a newly formed subsidiary of ADNOC with lease rights to 38 pipelines covering a total of 982.3 kilometers. ADNOC will hold the 51% majority stake valuing ADNOC Gas Pipeline’s assets at $20.7 billion.
The Target assets will be operated and managed by ADNOC under a long-term Use and Operation (U&O) agreement and will benefit from a long-term minimum volume off-take commitment from ADNOC as well.
Commenting on the bank’s role, Rola Abu Manneh, Chief Executive Officer for Standard Chartered, UAE said: “As Standard Chartered, we are delighted to be involved in this transaction supporting a number of our core clients such as ADNOC; and the Consortium. The successful signing of this landmark transaction is a strong vote of confidence by the global investment community in Abu Dhabi as an attractive investment destination and ADNOC as a key partner of choice.”
Torry Berntsen, Chief Executive Officer and Head of Corporate & Institutional Banking, Americas added: “We are extremely proud to support the Consortium, which includes a number of key clients. This is an inaugural investment into the Middle East for some of them, and we appreciate the opportunity to be a trusted partner in supporting their growth ambitions.”
The United Arab Emirates continues to be a strategic market for Standard Chartered. Its new office, opened earlier this year at the Abu Dhabi Global Market (ADGM), is an additional step in bringing the Bank closer to its clients in the Capital Abu Dhabi and across the Emirates. This milestone is also a testament to the bank’s confidence in the UAE’s position as a global business hub.
