UAE’s ADNOC announced a $20.7-billion deal with six international companies for the acquisition of a minority stake in Adnoc Gas Pipeline Assets.

Under the terms of the deal, Global Infrastructure Partners, Brookfield Asset Management, Singapore’s sovereign wealth fund, the Ontario Teachers’ Pension Plan Board, Snam, and NH Investment and Securities will acquire a 49-percent interest in ADNOC Gas Pipeline Assets, a new subsidiary of the UAE’s national oil and gas company.

The acquisition will give the buyers lease rights to 38 pipelines, but ADNOC will retain ownership of the assets and responsibility for capital expenditure plans. The lease rights will be in effect for 20 years.

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Source: Oil Price