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Abu Dhabi's ADNOC sells pipeline firm stake to foreign investors

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A consortium acquires a 49% stake in Gas Pipeline Assets, a newly formed subsidiary of Abu Dhabi National Oil Company.

ABU DHABI. The seafront promenade in the Emirati capital Abu Dhabi with the Abu Dhabi National Oil Company office complex in the foreground on May 29, 2019. File photo by Karim Sahib/AFP

Under the deal, the consortium of investors acquires a 49% stake in Gas Pipeline Assets, a newly formed subsidiary of ADNOC with lease rights to 38 pipelines covering a total of 982.3 kilometers . Since 2017, ADNOC has granted concession rights in existing and new oilfields to leading international companies.

 

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