Singapore’s GIC completes £486m stake acquisition in ADNOC Oil Pipelines

first_img GIC now joins ADNOC and others as stakeholders in ADNOC Oil Pipelines (Credit: Mohammed alborum/Wikimedia Commons) Singapore’s sovereign wealth fund GIC has completed its $600m (£486.68m) acquisition for a 6% stake in ADNOC Oil Pipelines, a new pipeline partnership created in the UAE.GIC had entered into the deal with the UAE state-owned oil company Abu Dhabi National Oil Company (ADNOC) in late July. The Singaporean fund now joins ADNOC, BlackRock, KKR, and the Abu Dhabi Retirement Pensions and Benefits Fund (ADRPBF) in the pipeline partnership.Focus of ADNOC Oil PipelinesADNOC Oil Pipelines comprises ADNOC’s stakes across 18 pipelines, which have a total length of more than 750km, and a combined capacity of around 13,000Mbblpd.The new pipeline entity will handle transportation of stabilised crude oil and condensate across ADNOC’s offshore and onshore upstream concessions for a period of 23 years. The UAE oil and gas giant will retain sovereignty over the pipelines and will also handle the management of pipeline operations.The new pipeline partnership will be entitled to a tariff payable by ADNOC, for its portion of volume of crude and condensate that is transported through the 18 pipelines, which are backed by minimum volume commitments.In June, BlackRock and KKR closed their $4bn (£3.24bn) deal to acquire a combined stake of 40% in the pipeline partnership. Last month, ADRPBF completed acquisition of 3% stake in ADNOC Oil Pipelines for AED1.1bn ($240m).The closing of all the deals takes the combined investment in ADNOC Oil Pipelines to $4.9bn (£3.97bn).Currently, ADNOC through its subsidiary ADNOC Infrastructure holds the remaining stake of 51% in the pipeline entity. ADNOC Infrastructure also holds ADNOC’s 100% interest in the Abu Dhabi Crude Oil Pipeline (ADCOP).ADNOC finance and investment group director Ahmed Jasim Al Zaabi said: “The successful final closing of this landmark transaction is a clear vote of confidence by the global investment community in both the UAE and ADNOC as attractive investment destinations.“The calibre of these leading global and domestic investors underlines the quality and attractiveness of ADNOC’s infrastructure assets and our ability to efficiently structure and close value-creating investment opportunities for our partners and investors.” GIC now joins ADNOC, BlackRock, KKR, and ADRPBF in a new pipeline partnership called ADNOC Oil Pipelineslast_img read more

Popular Hamptons-style Gold Coast house sells in million-dollar deal

first_imgEach room had a dreamy makeover.The four-bedroom house at 13 Anita Ave last sold in 2017 for $700,000. The vendors completely overhauled the property in a no-expense-spared renovation, adding high-end fixtures, high raked ceilings, French doors and a plunge pool. “We have a stock broker and a financial advisor who love renovating and have great style,” Mr Van Leeuwen said.“The transformation it has gone through is what buyers are after, it’s like a new product with the Hamptons, beach and coastal style which has really inspired our market.”The vendors are set to take their winning makeover formula and inject it into another dated property. Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:34Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:34 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD540p540p360p360p180p180pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenWhy The Block has been such a success00:35 Its renovation was picture perfect. It sold for $1.075 million not long after auction. More from news02:37International architect Desmond Brooks selling luxury beach villa10 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag1 day agoA local buyer secured the keys.Six bidders registered and there were multiple offers prior to the auction.The property passed in at $1.06 million with the highest bidder negotiating a sale within the day. “The auction was awesome, had a huge turnout, (a) coffee van on site — it was a great vibe,” LJ Hooker Burleigh Heads listing agent Sarah Davari, who sold the property alongside Adam Van Leeuwen, said. “It would have been the icing on the cake if it went under the hammer, however we are happy to report it sold last night for $1.075 million under auction terms.“The buyers are local from Broadbeach, they loved the single level Hamptons reno.” A renovated sensation at 13 Anita Ave, Miami, has sold just 24 hours after it passed in at auction.A POPULAR Gold Coast property that had a jaw-dropping renovation has sold in a million-dollar deal a day after auction. The Hamptons-style house in Miami was one of the most viewed properties across Australia on for August. It also thrashed the country’s auction line up at the weekend in terms of clicks, raking in close to 23,000 views. And it was more than just an online phenomenon with close to 200 people turning out to watch the home head under the hammer. MORE NEWS: Demand boosting apartment prices in beachside suburb MORE NEWS: The beach house with a twist center_img The property was very dated and dull before. Nothing luxe about this kitchen. The four-bedroom house passed in at $1.06 million.last_img read more

Innovation and technology hub announced by Ladbrokes Coral

first_img StumbleUpon Submit Ladbrokes Coral have announced plans to unite its sports and technology teams to bring customers an continually improved betting experience.Named LC2 and located at Here East, which formerly housed the London 2012 Olympic media team, on the Queen Elizabeth Olympic Park, 140 staff of both brands are charged with delivering a range of products such as CRM, ePOS and digital sportsbook platforms.Graham Calder, Ladbrokes Coral CIO said: “With the creation of LC2 our goal is to deliver excellence for our customers by leveraging the best digital technology, to hire the best digital talent to build the best digital future.  “With our passion for sports, we can’t help but be inspired by the great sporting legacy that comes with being a part of the Olympic Park.” SportCaller teams up with Coral for Racing Super Series launch August 12, 2020 GVC absorbs retail shocks as business recalibrates for critical H2 trading August 13, 2020 FSB selects Glenn Elliott as new COO August 12, 2020center_img Related Articles Share Share Gavin Poole, CEO of Here East, added:, “As Here East continues to draw in innovators from more and more sectors, Ladbrokes Coral’s new digital product development centre fits well within the campus. “Their newly joined up sport-technology team builds on Here East’s reputation as a centre of innovation for established companies and start-ups to collaborate, test new ideas, prototype new products and learn from each other’s expertise.”last_img read more