ADNOC inching towards offloading stake in gas pipeline business to GIP and Brookfield backed investor group. (Credit: PublicDomainPictures from Pixabay) Abu Dhabi National Oil Co. (ADNOC) is reportedly inching towards selling a stake in its natural gas pipeline business to an investor consortium backed by Global Infrastructure Partners (GIP) and Brookfield Asset Management.The investor group is expected to buy a stake of 49% in the gas pipeline operations of the Abu Dhabi state-owned energy company, reported Bloomberg, citing people familiar with the development.The deal, which is expected to be announced this month, could value the ADNOC gas pipeline business at more than $15bn after including debt.According to the publication, its sources said that equity financing has been made ready and the bidders are in talks regarding the terms of a debt package with banks. The discussions for buying the stake in the gas pipeline business are said to be in an advanced stage and going on with the timing and valuation likely to change.The GIP-backed investor group is reported to have Snam – an Italian infrastructure operator, Ontario Teachers’ Pension Plan, GIC – Singaporean sovereign fund, and South Korea-based NH Investment & Securities.BlackRock pulled out from the competition to acquire stake in the ADNOC gas pipeline businessIn March 2020, BlackRock pulled out from the race to buy a stake in the ADNOC natural gas pipeline business, reported Reuters citing undisclosed sources. Following the withdrawal of BlackRock, at least six bidders were in the fray for buying the stake as per the publication at that time.Last September, ADNOC completed the sale of a 6% stake in ADNOC Oil Pipelines for $600m to GIC. Through the deal, GIC joined ADNOC, BlackRock, KKR, and the Abu Dhabi Retirement Pensions and Benefits Fund (ADRPBF) in the recently created pipeline partnership in the UAE.The oil pipeline partnership, which covers 18 pipelines having a total length of more than 750km. ADNOC raised $4bn by selling a stake of 40% to KKR and BlackRock in June 2019. The investor group, backed by GIP and Brookfield, is expected to buy a stake of 49% in the gas pipeline business of the Abu Dhabi state-owned energy company
For all the Latest Sports News News, Cricket News News, Download News Nation Android and iOS Mobile Apps. highlights New Delhi: Mohammad Amir, who recently shocked the cricketing world by announcing his retirement from Test cricket at the age of 27, is apparently planning to obtain a British passport and settle in the United Kingdom, according to a well-informed source. Amir, who is married to a British national Nargis Malik on September 2016, is planning a spouse visa which allows him to stay in the United Kingdom for two and a half years. Although Amir spent some time in a juvenile facility due to his involvement in the spot-fixing scandal during the Lord’s Test of 2010, the left-arm pacer will have no problem in obtaining the spouse visa. “He is clearly planning to obtain a British passport and permanently settle down in England in future. With a spouse visa, he can work freely and enjoy other benefits as a permanent resident of the UK which is why he is planning to also purchase a house in England. He travels to England regularly and also plays county cricket since last year. So, there are no hurdles for him now,” the source said.Also Read | ICC World Cup 2019 | Elated Mohammad Amir keen on giving his 100%Amir stunned the cricketing world when he announced that he would retire from Tests just before Pakistan participate in the World Test Championship. “Playing for Pakistan remains my ultimate desire and objective, and I will try my best to be in the best physical shape to contribute in the team’s upcoming challenges, including next year’s ICC T20 World Cup. It has not been an easy decision to make and I have been thinking about this for some time. But with the ICC World Test Championship commencing shortly, and Pakistan boasting some very exciting young fast bowlers, it is appropriate that I call on my time in Test cricket so that the selectors can plan accordingly,” Amir said in a video statement.Also Read | Sarfraz Ahmed’s comment on Mohammad Amir’s World Cup prospects creates controversyHowever, former Pakistan fast bowling greats like Waqar Younis, Shoaib Akhtar and Wasim Akram have all criticised Amir’s decision to retire from Tests at the age of 27. “I am disappointed and sad at his decision at this time. At 27 years of age, he is at his peak and should be available for Pakistan in Test cricket. I fear we might also see others like Hassan Ali and Wahab Riaz follow Amir in quitting test cricket,” Akhtar said.However, there are other reports which state that Amir is possibly wanting to become a British citizen as he tries to explore new possibilities with England cricket and also the IPL. There is speculation that Amir might go the Azhar Mahmood way and make himself eligible to play in the IPL. Barring the 2008 edition, Pakistan’s players have not been allowed to play in the IPL and if Amir gets British citizenship, he might be tempted to throw in his name in the IPL and in a long-shot, possibly also represent England in the near future. Mohammad Amir announced his retirement from Tests at the age of 27.Amir married Nargis Malik, a British citizen in September 2016.Amir has made himself available for Pakistan in ODIs and T20Is.