American investment management company BlackRock Inc is no longer in the race for investment in ADNOC’s natural gas pipeline, according to Reuters report.
This now leaves six potential investors willing to invest in ADNOC’s asset including Italian infrastructure firm Snam and Global Infrastructure Partners.
Last year BlackRock bought a 40% stake in ADNOC Oil Pipelines for $4 billion. It was previously said that BlackRock was keen on extending their investment in ADNOC by buying part of ADNOC’s gas pipeline infrastructure.
ADNOC manages almost all of the proven oil reserves in the United Arab Emirates (UAE) and has embarked on a major modernization of the company including reducing outgoings, increasing productivity and trying to monetize its assets by accepting foreign investment into the company.