Companies Make Initial Bids For ADNOC $15 B Stake

Companies Make Initial Bids For ADNOC $15 B Stake

BlackRock Inc, KKR & Co. and Italian infrastructure operator Snam S.p.A. are among others that have made bids to claim a stake of Abu Dhabi National Oil Company (ADNOC)’s natural gas pipeline which could be valued at about $15 billion, according to Bloomberg.

Other competitors include Australian fund manager IFM Investors Pty and Global Infrastructure Partners and Singapore sovereign fund GIC Pte. 

The Abu Dhabi state-run energy company is expected to announce the date for the next bid rounds shortly. However, travel restrictions have disrupted face-to-face business negotiations and other sale processes have been held up as tightening credit markets is hampering bidders’ access to funding.

ADNOC is looking to sell as much as 49% of the business through a lease structure. This is part of its attempt to diversify the UAE’s economy and to generate additional sources of funding. Prior to this, a $11 billion stake in ADNOC’s fuel retail unit was sold to Baker Hughes . 




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