The Abu Dhabi National Oil Company (ADNOC) has appointed Bank of America Merrill Lynch and Mizuho to arrange the lease of its natural gas pipeline assets, Reuters reported.
ADNOC has also begun a major restructuring over the past two years to cut costs, boost efficiency, and monetise its assets, the London-based news agency said.
It is worth noting that the company previously approved a $4 billion midstream pipeline infrastructure deal with KKR and BlackRock earlier this year.
The company currently seeks to raise funds by attaching its natural gas pipelines in a similar deal; therefore, it has assigned Bank of America Merrill Lynch and Mizuho as transaction advisers, two sources familiar with the matter told Reuters.
“As we have demonstrated over the last two years, we are actively exploring a number of potential options to optimize and maximize value from across our portfolio of assets,” an ADNOC spokesman said in a statement.
“Some of these options are still at an early stage of review and we will update the market as is appropriate and in due course,” the spokesman added.