Singapore’s sovereign wealth fund joins BlackRock and KKR in landmark Abu Dhabi oil investment

PUBLISHED TUE, JUL 30 2019  8:43 AM EDT UPDATED TUE, JUL 30 2019  8:58 AM EDT - Natasha Turak@NATASHATURAK

KEY POINTS

• Singapore sovereign wealth fund GIC has agreed to invest in a major oil pipeline partnership with Abu Dhabi’s National Oil Company (ADNOC), bringing total investment in the project to nearly $5 billion.
• Asset managers BlackRock and KKR signed the initial $4 billion deal in February, a first for institutional investors in the Middle East. 
• Formed in 1971, the same year as the United Arab Emirates, ADNOC is now playing a leading role in leveraging its assets to attract foreign capital into the country.

Getty Images - View of Abu Dhabi’s skyline at sunset from Dhow Harbour in the UAE.

Singapore sovereign wealth fund GIC has joined major Wall Street investors in a landmark oil pipeline partnership with Abu Dhabi’s National Oil Company (ADNOC), bringing the total investment in the project to nearly $5 billion.

The move, which will see GIC invest $600 million in select ADNOC crude pipeline infrastructure, follows a deal signed in February between the United Arab Emirates’ national oil company and U.S. heavyweights BlackRock and KKR. The $4 billion agreement marked the first time institutional investors joined forces with a Middle Eastern national oil producer.

READ FULL ARTICLE