2020-09-02 12:25:00
ADNOC INVESTMENT $5.5 BLN
MEOG - Sep 02, 2020 - The Abu Dhabi National Oil Company (ADNOC) signed a $5.5 billion real estate investment partnership with a consortium led by Apollo Global Management.
Apollo led a consortium of institutional investors in the acquisition of a 49% stake in Abu Dhabi Property Leasing Holding Company RSC Limited (ADPLHC), a wholly owned affiliate of ADNOC. The transaction included no financing, and was placed entirely with insurance and pension fund investors that focus on long-term and high-quality investments. ADNOC will retain a 51% majority stake, maintaining full ownership and control over the select real estate and social infrastructure assets and responsibility for all operations and maintenance.
ADPLHC holds the long-term leasehold interests underpinned by the sizeable, diversified portfolio of assets located across the Emirate of Abu Dhabi. The transaction will result in upfront proceeds of $2.7 billion to ADNOC and is expected to close before year-end, subject to customary closing conditions and regulatory approvals.
“We are pleased to partner with Apollo and leverage their world-class real estate asset management expertise to achieve international best practice standards in managing and driving cost efficiencies across our real estate portfolio," said Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC Group CEO. "This strategic partnership allows ADNOC to unlock and monetize significant value from its non-oil and gas strategic infrastructure assets and reinvest into our core business to deliver further growth and realize greater returns.
“The innovative and flexible deal structure ensures ADNOC maintains full ownership and control over its real estate assets, while further strengthening our balance sheet and allowing for greater capital flexibility. This transaction builds on our highly successful and ongoing track-record of attracting leading global institutional capital into the UAE and Abu Dhabi, further solidifying the country’s position as a credible and trusted go-to investment destination for global investors, even in the current unprecedented environment.”
-----
Earlier:
2020, August, 31, 12:25:00
ADNOC CUTS OIL PRODUCTION
ADNOC informed customers who lift contracted monthly volumes -- known as term lifters -- that it would cut the quantity of volumes available for export over October by 30% for its more popular Murban and Upper Zakum grades and for Umm Lulu and Das Blend,
2020, August, 3, 12:35:00
UAE NUCLEAR POWER
Nawah Energy Co. started up Unit 1 of the Barakah nuclear energy plant in the oil-rich emirate of Abu Dhabi
Chronicle:
2022, July, 4, 12:44:00
6TH ANNUAL LNG SUMMIT USA
The 6th Edition of Wisdom’s Much Acclaimed Annual LNG Summit Will Be Held Live in Houston - PREPARING THE INDUSTRY FOR THE RISE IN DEMAND FOR LNG
2022, July, 4, 12:43:00
9TH INTERNATIONAL LNG CONGRESS LNGCON 2023
9th International LNG Congress (LNGCON 2023) 6-7 March, 2023
Link to the Congress website: https://bit.ly/3tXVmr7
2022, July, 4, 12:40:00
GERMAN UTILITIES COLLAPSE
German leaders are stepping up warnings of impending turmoil and natural-gas shortages in Europe’s biggest economy, which relies on Russia for about one-third of its energy.
2022, July, 4, 12:35:00
IRANIAN OIL RISES
Iran could increase production to levels before the sanctions, he said, without giving an estimate of current output.
2022, July, 4, 12:30:00
S.KOREAN NUCLEAR FOR CZECH
"A nuclear power generation project requires more than a decade for construction and involves operations for more than 60 years. South Korea is a reliable partner in terms of economic feasibility, safety, and ensuring the construction period," Lee said.
2022, June, 28, 12:10:00
OIL PRICE: BRENT NEAR $117, WTI ABOVE $111
Brent climbed $1.9, or 1.7%, to $116.99, WTI rose $1.8, or 1.6%, to $111.36 a barrel.
2022, June, 28, 12:05:00
OPEC OIL PRICE: $112.35
The price of OPEC basket of thirteen crudes stood at $112.35 a barrel