Abu Dhabi state energy firm Adnoc this week concluded its deal to sell 6% of its pipeline subsidiary to Singapore’s GIC. Now that the $600mn deal has been completed, the shareholding of Adnoc Oil Pipelines is Adnoc 51%, Blackrock and KKR 40% combined, GIC 6% and Abu Dhabi Retirement Pensions and Benefits Fund (ADRPBF) 3%.

Adnoc Oil Pipelines leases Adnoc’s interest in 18 crude oil and condensate pipelines for 23 years – to 2042. “Sovereignty over the pipelines and...