Abu Dhabi investment firm Lunate is expanding its presence in the emirate’s midstream hydrocarbons sector, with a planned investment in Adnoc Gas Pipelines. Lunate announced on 28 January that it is purchasing an effective stake of 5.87% in the midstream entity from Italian pipeline operator Snam, following a deal last year which saw it invest in Adnoc Oil Pipelines (MEES, 12 April 2024).
Adnoc Gas Pipelines was established in 2020 and has lease rights from Adnoc for 38 pipelines covering 982km, connecting Adnoc’s upstream assets with domestic offtakers. The deal raised $10.1bn for Adnoc, with Adnoc Gas Pipelines leasing the rights to the pipeline for a period of 20 years “in return for a volume-based tariff subject to a floor and a cap” (MEES, 26 June 2020). The transaction valued Adnoc Gas Pipelines at $20.7bn. (CONTINUED - 708 WORDS)
