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Ashurst advises ADNOC on energy infrastructure deal

Published by , Editorial Assistant
World Pipelines,

International law firm Ashurst has advised the Abu Dhabi National Oil Company (ADNOC) on one of the largest global energy infrastructure transactions which will see a consortium of investors comprising Global Infrastructure Partners, Brookfield Asset Management, Singaporean sovereign wealth fund GIC, Ontario Teachers’ Pension Plan Board, NH Investment & Securities and Snam (the Consortium) invest in select ADNOC gas pipeline assets valued at US$20.7 billion.

ADNOC will lease its ownership interest in the assets to ADNOC Gas Pipelines for 20 years in return for a volume-based tariff subject to a floor and a cap. The transaction will result in upfront proceeds of over US$10 billion to ADNOC and is subject to customary closing conditions and regulatory approvals. The gas pipeline network connects ADNOC’s upstream assets to local UAE off-takers, and ADNOC will retain ownership of the pipelines, management of pipeline operations, and all responsibility for associated operational and capital expenditures.

ADNOC associate general counsel, Daniel Solomon, led the transaction from inception, while the Ashurst team was led by partner Stuart James, supported by senior associate Johnson Lo and specialist partners Luke Robottom, Neil Cuninghame and Piers Warburton on various aspects of the structure. Partner Matthew Wood advised on the financing aspects of the transaction, together with partners Laura Ho and Anna Marie-Slot. The Consortium was advised by Simpson Thacher and Latham & Watkins, respectively.

Stuart James commented:

"It was a privilege to advise ADNOC on this significant transaction, the single largest energy infrastructure investment in the region and the biggest globally so far this year. For ADNOC to achieve this outcome in a challenging global economic environment is exceptional, and testament to its approach to building long term partnerships and attracting investment in its world class infrastructure."

Matthew Wood added:

"It has been a great pleasure to work with the ADNOC team once again on another significant chapter in its development programme, which began in 2017. Our relationship with ADNOC underpins the firm's investment in Abu Dhabi and the growth of our infrastructure and oil & gas practice globally."

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