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Lunate to buy stake in Adnoc Gas Pipelines

Lunate abu dhabi pipeline adnoc Adnoc
Adnoc Gas Pipelines controls almost 1,000km of pipelines across the UAE
  • Buying stake from Italy’s Snam
  • Reported to be 6% slice
  • Deal subject to signing

Lunate, the alternative investment manager based in Abu Dhabi, is buying a minority stake in Adnoc Gas Pipelines.

AGP is a subsidiary of Abu Dhabi National Oil Company (Adnoc) and has lease rights to 38 pipelines covering a total of 982km across the UAE. 

The gas pipeline network links the UAE’s upstream energy-producing assets and local off-takers.

The stake is currently held by Italian gas infrastructure operator Snam. Lunate and Snam did not reveal the size of the deal, but it has previously been reported that Snam held a 6 percent stake in AGP.

In 2020 Global Infrastructure Partners, an American investment fund, led a consortium, of which Snam was a part, that invested in the pipeline network, valuing it at nearly $21 billion, including debt.

Murtaza Hussain, managing partner at Lunate, said: “Adnoc Gas Pipelines is a key asset within the UAE’s energy infrastructure system.

“We are pleased to strengthen our partnership with Adnoc through this investment and deliver on Lunate’s mandate to offer investors access to high-quality assets.”

Last year Lunate bought the 40 percent stake in Adnoc’s oil pipelines set-up previously owned by BlackRock and KKR.

Lunate has $105 billion of assets under management across the entire private markets spectrum, including buyouts, growth equity, early and late-stage venture capital, private credit, real assets and public equities and public credit.

The Lunate-Snam deal is subject to the signing of the sale and purchase agreement, as well as to the potential exercise of the relevant shareholders’ rights.