Korean media reports that NH Investment & Securities, the brokerage unit of South Korea’s NongHyup Financial Group, has joined a consortium planning to take an $8bn stake in Adnoc’s gas pipelines. Details remain tentative, but this would likely involve Adnoc establishing a new entity to receive tariff payments for pipeline flows. This was the template last year when Adnoc Oil Pipelines was formed and Blackrock and KKR bought a 40% stake for $4bn (MEES, 1 March 2019). Singapore’s GIC and the Abu Dhabi Retirement Pensions and Benefits Fund (ADRPBF) subsequently secured further 6% and 3% stakes respectively.
NH Investment & Securities is reportedly joining a consortium of Brookfield Asset Management, Italian infrastructure operator Snam, Ontario Teachers’ Pension Plan and GIC. (CONTINUED - 116 WORDS)