NH Investment & Securities Co Ltd will invest about 1.6 trillion won ($1.3 billion) in Abu Dhabi National Oil Company’s (ADNOC) gas pipeline business, The Korea Economic Daily reported on June 24.

NH Investment will secure a 6% stake in a new subsidiary of the state oil company, ADNOC Gas Pipeline Assets, with lease rights to 38 pipelines covering 982.3km. 

The South Korean brokerage firm participated in the investment as a member of a consortium that has agreed to buy a 49% stake in the Middle Eastern asset for a combined $10.1 billion. The five other members of the consortium are Global Infrastructure Partners, Brookfield Asset Management, Singapore’s sovereign wealth fund GIC, Ontario Teachers’ Pension Plan Board and Italy’s Snam. (Reporting by Jinwon Lee)