The consortium made up of Snam and the investment funds Global Infrastructure Partners (GIP), Brookfield Asset Management, GIC (the sovereign wealth fund of Singapore), Ontario Teachers’ Pension Plan and NH Investment & Securities, following the occurrence of all the suspensive conditions set, completed the acquisition of 49% of ADNOC Gas Pipeline Assets LLC (ADNOC Gas Pipelines) from The Abu Dhabi National Oil Company (ADNOC), announced on 23 June.

The transaction values 49% of ADNOC Gas Pipelines, a company that holds, for a period of 20 years, the management rights for 38 pipelines in the United Arab Emirates, at approximately 10.1 billion dollars. For Snam, which is the consortium’s only industrial operator, this is an important investment opportunity in strategic infrastructure, the potential for future collaborations in the energy transition in the Gulf area.

About Snam

Snam is one of the world’s leading energy infrastructure operators and one of the largest Italian-listed companies in terms of market capitalization. Through its international subsidiaries, it operates in Albania, Austria, China, France, Greece and the UK. The company has the largest natural gas transmission network and storage capacity among European peers and is also one of the main operators in regasification. As part of a €6.5 billion plan to 2023, Snam invests €1.4 bn in the SnamTec project, focused on innovation and new energy transition businesses, from sustainable mobility to biomethane and energy efficiency. Snam also aims to enable and promote the development of hydrogen to encourage the decarbonisation of the energy sector and industry. Snam’s business model is based on sustainable growth, transparency, the promotion of talent and diversity and the social development of regions through the initiatives of Fondazione Snam.

About ADNOC

ADNOC is one of the world’s leading diversified energy and petrochemicals groups. With 14 specialist subsidiary and joint venture companies, ADNOC is a primary catalyst for the UAE’s growth and diversification.