Abu Dhabi National Oil Co. has started the formal process to sell a minority stake in its natural gas pipelines, which could possibly bring in about $5 billion, Bloomberg reported Oct. 3, citing people with knowledge of the matter.
The state-owned company, known as ADNOC, is looking to bring in outside investors and has sent information on the assets to potential bidders, the sources told Bloomberg.
The sale could draw the interest of infrastructure funds and private equity firms, the sources said, with ADNOC hoping to reach an agreement in the first half of 2020, according to Bloomberg.
On Sept. 4, ADNOC closed a $600 million pipeline infrastructure investment agreement with Singapore's sovereign wealth fund GIC Pte. Ltd. The deal followed 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 on Aug. 1.
