LIVE CHAT INSTANT MESSENGER BOOKMARK
 
 
18
Private Financial Club
BE THE BANK
Q&A Session

Start Time:
09/21/2017 at 02:00 PM Mountain Time

Where:
Cheyenne, Wyoming United States Conference call: 712-770-4010 #827477

For More Information Call:
307.702.2582



RSS
Adnoc Considers Stake Sale in $5 Billion of Properties
Posted On: 08/01/2020 03:56:32

Abu Dhabi National Oil Co. is exploring the possibility of selling a stake in its real estate portfolio, the latest effort by the state-owned energy producer to raise funds and attract foreign investors.To get more news about WikiFX, you can visit wikifx news official website.

  Initial estimates value the properties at about $5 billion, according to people familiar with the matter, who asked not to be identified because talks are private. The plan is in its inception stage and could still change, they said.


  Adnoc declined to comment.

  A potential deal could be structured along the same lines as the energy firm‘s sale of a $10.1 billion stake in its natural-gas pipelines last month, the people said. In that transaction, Adnoc sold a 49% holding in a new subsidiary housing the assets to a group of investors including Global Infrastructure Partners, Brookfield Asset Management Inc., Ontario Teachers' Pension Plan and Singapores sovereign wealth fund.

  Read more: Abu Dhabi Sells $10 Billion Stake in Pipelines to Consortium

  Adnoc‘s portfolio includes the 65-floor skyscraper in the United Arab Emirates' capital that houses the companys headquarters, as well as other properties throughout the city, and homes for employees at drilling sites.

  A sale of the assets will help bring cash into Abu Dhabi as the city grapples with this years 32% drop in oil prices and the economic fallout of lockdowns to curb the spread of the coronavirus.

  The emirate has raised billions of dollars over the past three years as the oil giant embarked on a financial restructuring thats seen it sell stakes in its pipeline infrastructure and refining and fuel-distribution businesses. It has also added new international partners and sold holdings in its energy assets to investors including Blackrock Inc. and KKR & Co.



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