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Snam to offer stake in ADNOC gas pipelines to Abu Dhabi's Lunate

Italy's gas grid operator Snam will offer its minority stake indirectly kept in ADNOC Gas Pipelines to Abu Dhabibased investment fund Lunate, Snam said on Tuesday.

The offer remains in line with the Italian group's long-term strategy to enhance its function in Europe and minimize exposure to properties not situated along the crucial European energy passages.

The sale of the stake in ADNOC Gas Pipelines is consistent with the just recently presented tactical plan, which focuses on the advancement of a pan-European multi-molecule infrastructure, Snam's CEO Stefano Venier stated in a declaration.

ADNOC Gas Pipelines, a subsidiary of Abu Dhabi National Company (ADNOC), has lease rights to 38 pipelines covering a. overall of 982 km (610 miles) across the United Arab Emirates.

Snam acquired an indirect stake of almost 6% in the business. in 2020, in addition to other consortium partners, consisting of. global funds GIP, GIC, Brookfield Property Management,. Ontario Educators' Pension Plan Board and NH Financial Investment &&. Securities, through Galaxy Pipeline Assets HoldCo Limited.

Snam did not supply any figure for the financial value of. the transaction.

According to a source, the finalisation of the deal will. lead to a capital gain for Snam.

(source: Reuters)