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ADNOC closes $600M pipeline deal with Singapore's GIC

State-owned Abu Dhabi National Oil Co., or ADNOC, on Sept. 4 closed a $600 million pipeline infrastructure investment agreement with Singapore's sovereign wealth fund GIC Pte. Ltd., according to a Sept. 4 release.

As part of the deal, GIC acquired a 6% stake in a midstream firm called ADNOC Oil Pipelines - Sole Proprietorship LLC. The deal was first announced July 30.

The transaction follows the closing of a $4 billion agreement with asset management firms BlackRock Inc. and KKR & Co. on June 27 and the subsequent closing of a $300 million deal with Abu Dhabi Retirement Pensions and Benefits Fund, or ADRPBF, on Aug. 1. ADNOC said the combined agreements bring the total investment in select ADNOC oil pipeline infrastructure to $4.9 billion.

ADNOC will remain as majority stakeholder of ADNOC Oil Pipelines with a 51% stake. BlackRock and KKR hold a 40% share, while GIC and ADRPBF will hold 6% and 3% interests, respectively.