SOFAZ invests USD 50 mn in AGPA through Lunate: The State Oil Fund of the Republic of Azerbaijan (SOFAZ) invested USD 50 mn in Adnoc’s gas pipeline unit, Adnoc Gas Pipeline Assets (AGPA), through a Lunate -managed investment fund, according to a press release. The gas pipeline infrastructure network is subject to a long-term usage agreement between AGPA and Adnoc.

AGPA might see new investors come on board this year, after US-based investment fund Global Infrastructure Partners (GIP), the unit’s largest foreign stakeholder, was said to be working with advisors to gauge interest in acquiring its holding in AGPA, with Lunate mentioned as a potential buyer. A GIP-led consortium had acquired 49% of the company back in 2020 in a transaction that valued the entire network, including debt, at almost USD 21 bn.

Lunate ♥️ Adnoc: Abu Dhabi-based alternative asset manager Lunate was reportedly set to acquire a 6% stake in the gas pipeline unit from Italian gas network operator Snam SpA through Lunate’s Long-Term Capital Fund I. The value of the acquisition wasn’t disclosed, but Italian investment bank Mediobanca estimated that the stake could be valued at USD 200 mn, with a book value of EUR 135 mn. It had previously acquired a 40% stake in Adnoc’s oil pipeline asset network from BlackRock and KKR & Co back in 2024.

About Adnoc Gas Pipelines: The Adnoc subsidiary’s portfolio includes a network of 38 gas pipelines spanning 982 km across the UAE, including 12 pipelines dedicated to sales, 15 for gas injection, and 11 for natural gas liquids.

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