Italy's gas grid operator Snam will sell its minority stake indirectly held in ADNOC Gas Pipelines to Abu Dhabi-based investment fund Lunate, Snam said on Tuesday. The deal is in line with the Italian group's long-term strategy to strengthen its role in Europe and reduce exposure to assets not located along Europe's major energy corridors.

Lunate, the alternative investment manager based in Abu Dhabi, is buying a minority stake in Adnoc Gas Pipelines. AGP is a subsidiary of Abu Dhabi National Oil Company (Adnoc) and has lease rights to 38 pipelines covering a total of 982km across the UAE.

Dubai: The Abu Dhabi based investment firm Lunate has bought a minority stake in ADNOC Gas Pipelines. This equity was earlier held – indirectly – by Snam, the European gas infrastructure operator. The deal will be made through Lunate’s Long-Term Capital Fund I,