Tuesday, June 30, 2020

HONG KONG TOURISM BOARD HOSTS WORLD'S FIRST GLOBAL ONLINE FORUM ON POST-PANDEMIC TRAVEL FOR HONG KONG, MAINLAND AND INTERNATIONAL MARKETS

Dr YK Pang, Chairman of the Hong Kong Tourism Board, highlights the importance of restoring consumer confidence in his opening remarks at today’s online forum “Beyond COVID-19: Global Tourism’s New Normal”. (Photo: Business Wire)

Chairman Announces ‘Open House Hong Kong’ to Prepare for the Return of Visitors

HONG KONG, June 30 (Bernama-BUSINESS WIRE) --
The Hong Kong Tourism Board (HKTB) hosted on 24 June an online forum titled “Beyond COVID-19: Global Tourism’s New Normal” – the first event of its kind focusing on the post-pandemic tourism prospects for Hong Kong, Mainland, Asia, and the world.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200626005349/en/

Over 4,000 tourism industry representatives, journalists, and academics registered for the event as global industry leaders share insights into the effects of the coronavirus outbreak on travel, how the industry should respond, and the trends to expect as people begin travelling again in the post-pandemic period.

In his opening remarks, HKTB Chairman Dr YK Pang emphasised the importance of restoring consumer confidence. “As an industry, our central mission must be to give every traveller the confidence and reassurance that their trip is safe from start to finish,” he said. “Our cooperation must cross geographical and business boundaries. We must pool our knowledge and expertise and draw on our collective ingenuity to navigate the challenges that lie ahead of us.”

Dr Pang highlighted initiatives Hong Kong’s tourism industry has taken to stay ahead of the curve in containing the spread of the pandemic, and announced that the HKTB would team up with the HKSAR Government and trade partners to create “Open House Hong Kong” – a unique and region-leading travel platform to tell the world Hong Kong is a COVID-safe destination ready to welcome back visitors with attractive offerings and exciting experiences. He invited trade partners from around the world to support the platform by providing enticing offers for travelling to Hong Kong as a leading destination for visitors from every continent.

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Calgon Carbon to expand Mississippi plant capacity, completion expected late 2022

KUALA LUMPUR, June 29 -- Calgon Carbon Corporation intends to expand capacity at its Pearlington, Mississippi plant by adding a second virgin activated carbon production line.

The expansion is expected to add 38 jobs at the plant upon completion, with estimated investment in the additional production line at US$185 million. When completed, Calgon Carbon’s virgin granular activated carbon capacity will exceed 200 million pounds per year. (US$1 = RM4.29)

According to a statement, Calgon Carbon has been in conversation with the Mississippi Development Authority and Hancock County Port and Harbor Commission regarding this exciting project for several months.

A final board decision on the plant expansion was granted on June 24 by Kuraray Co Ltd, which completed its acquisition of Calgon Carbon in March 2018.

“This expansion enables our activated carbon products to be more broadly used to clean the world’s air and water on an even larger scale,” said Calgon Carbon President and Chief Executive Officer, Steve Schott.

“Aptly positioned on the Mississippi Gulf Coast, Calgon Carbon's innovative products help industries and communities clean their air and water to protect our precious natural resources.”

The Pearlington, MS plant sits on 100 acres within the Port Bienville Industrial Park and has 200,000 square feet of production space and 42 employees. Once the expansion is complete, expected in late 2022, the facility will be approximately 400,000 square feet with 80 employees.

-- BERNAMA

Monday, June 29, 2020

MPC LAUNCHES PUBLIC CONSULTATION ON PROPOSED RECOMMENDATION FOR EMPLOYMENT ISSUES

PETALING JAYA, June 29 (Bernama) -- The COVID-19 pandemic has significantly impacted Malaysia’s economic growth and employment rates, with Department of Statistics Malaysia (DOSM) statistic indicating that the unemployment rate had spiked by 5 percent with 778,800 persons unemployed as at April 2020. The challenging economic conditions have directly led to an increased unemployment for both local and foreign workers.

In light of this, the Malaysia Productivity Corporation (MPC) is conducting a Public Consultation through the Unified Public Consultation (UPC) portal to seek the views of industry players, associations, interested parties and members of the public on the Proposed Recommendation on Employment to the Ministry of Human Resources (MOHR).

MPC and the Technical Working Group on Employing Workers under the Special Task Force to Facilitate Business (PEMUDAH) has prepared several recommendations including Redeploying Retrenched Local Workers, Redeploying Retrenched Foreign Workers (PLKS) and Redeploying Illegal Foreign Workers to overcome the impact COVID-19 has had on employment.

MPC Director-General YBhg. Dato’ Abdul Latif Haji Abu Seman said the recommendations reflected the Government’s commitment to mitigate the impact of the COVID-19 pandemic on employment. He also reaffirmed MPC’s commitment to assist the Government’s endeavours to energise the nation’s economic recovery and accelerate growth by engaging with key stakeholders to gather valuable input. Stakeholders’ feedback will be used to prepare strategic recommendations aimed at optimising a more cohesive management of foreign workers in Malaysia.

The consultation on the UPC Portal began on 23 June 2020 and will continue until 7 July 2020. All stakeholders are invited to share their views and suggestions at UPC Portal on upc.mpc.gov.my. Full details of the proposed recommendation can also be downloaded from the portal.

SOURCE: Malaysia Productivity Corporation (MPC)

FOR MORE INFORMATION, PLEASE CONTACT:
Name: Ms. Huda Atiqah
Tel: 013-7261950
Email: Atiqah@mpc.gov.my

--BERNAMA

Sunday, June 28, 2020

Pulse Secure And Gigamon Partnership Strengthens Secure Access From Any Device As Market Demand For Zero Trust Network Access Grows

New certified integration enhances on-premises access visibility and User and Entity Behavior Analytics (UEBA) capabilities


SINGAPORE, June 26 (Bernama-GLOBE NEWSWIRE) -- Pulse Secure, the leading provider of software-defined Secure Access solutions, today announced successful integration and joint compatibility testing between Gigamon and Pulse Secure to ensure customers that Pulse Secure’s Network Access Control (NAC) solution, Pulse Policy Secure, can fully leverage the endpoint contextual information received from Gigamon as remote workers return back to their office. The combination of Gigamon and Pulse provides organizations real-time visibility of network-connected devices and Zero Trust control leveraging adaptive authentication and User and Entity Behavior Analytics (UEBA) to detect anomalies and mitigate unauthorized and malicious access to network applications and resources.


Pulse Policy Secure is a top-selling, full-featured Network Access Control solution that is easy to deploy, manage, integrate and scale. Gigamon, sends consolidated traffic information with dynamic filtering to Pulse Policy Secure to enhance endpoint visibility across distributed networks and more automated endpoint security compliance. Leveraging Pulse Secure UEBA features, Pulse Policy Secure can identify and respond to anomalous activity such as suspicious IoT activity, DGA attacks and MAC spoofing as part of the solution’s adaptive authentication capabilities aligning to Zero Trust control.


“The growing adoption of Zero Trust makes it essential that the security vendor community works in concert to ensure that critical security analytic data flows seamlessly across solutions to provide the visibility and control enterprises need to make better informed secure access decision in real time,” said Alex Thurber, Chief Revenue Officer for Pulse Secure. “We have worked closely with Gigamon at a technical level to create a smooth integration process with capabilities that will ensure our joint customers gain tangible benefits in deploying our technologies together to aid both network management and secure access in support of Zero Trust.”


Joint Solution Benefits include:


• Support Zero Trust strategies. Discover, profile and authenticate users and devices prior to granting access according to their security posture.

• Define security posture policies for user roles and endpoints. Then automatically enforce access rules on all endpoints (based on identity, role, device class and security posture) before they are allowed on the network.

• Improve overall security. Enforce dynamic network segmentation of devices at the network edge to prevent threats from spreading laterally, and enable bidirectional integration with the security infrastructure (SIEM and NGFW, for example) for expedited threat response.

• 360-degree endpoint insight. Pulse Policy Secure captures in-depth endpoint intelligence and continuously monitors for suspicious state changes to provide reports about access issues and trends.

• Behavioral Analytics. Correlation of user access, device contextual information, and system logs in a new analytics engine to find anomalies and mitigate threat risks.


Pulse Policy Secure integrates with the Gigamon Visibility and Analytics Fabric, which is used to monitor all network traffic — including east-west data center traffic and private and public cloud workloads — so all traffic can be analyzed together in order to reduce blind spots and increase the likelihood of spotting suspicious behavior.


“Ecosystem partnerships are essential to the adoption of Zero Trust initiatives and working closely with key Secure Access vendors, such as Pulse Secure, to help ensure seamless integration is vital for customers to maximize their return on investment,” said Gigamon President and Chief Operating Officer Shane Buckley.  “As organisations strive to do more with fewer resources, they often turn to automation to help realize benefits that are greater than the sum of their contributing parts.”


Additional benefits of using Gigamon alongside Pulse Secure include traffic aggregation to minimize port utilization. In cases where network links have low traffic volumes, the Gigamon Visibility and Analytics Fabric can aggregate these together before sending them to the Pulse Policy Secure NAC solution in order to minimize the number of ports that need to be used. By tagging the traffic, the Fabric ensures the source of traffic can be easily identified.


In addition, Gigamon Visibility and Analytics Fabric offers enhanced control of asymmetric routing to ensure session information is kept together. Pulse Policy Secure gains the complete context of an endpoint’s connections and fortified security analytics.


“Based on the principle of ‘never trust, always verify,’ Zero Trust Networking (ZTN) requires the coordination of various security technologies to enable perimeter enforcement, network segmentation and adaptive access control,” said Tony Massimini, senior industry analyst at Frost & Sullivan. “Vendor collaboration, such as that between Gigamon and Pulse Secure, demonstrates the value of interoperability that supports customers advancing Zero Trust initiatives.”


The enhanced integration capability is freely available as part of the standard licensing model for both platforms, as part of Pulse Policy Secure and Gigamon Visibility and Analytics Fabric. Pulse Secure Partners also offers Gigamon solutions to its client base, making the partnership of particular relevance to the security channel community.


Mutual customers and partners can learn more about the Gigamon, Pulse Secure integration by visiting https://www.pulsesecure.net/gigamon/.


TWEET THIS: Pulse Secure and Gigamon certifies integration to fortify on-premise endpoint visibility, secure access, and User and Entity Behavior Analytics capabilities as workers begin to return to the office #PulseSecure #Gigamon #NetworkAccessControl #SecureAccess #ZeroTrust

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Saturday, June 27, 2020

New chairperson, four members added to GMAC board of directors

KUALA LUMPUR, June 26 -- The Graduate Management Admission Council (GMAC) has announced a new board chairperson and addition of four members to its board of directors with terms, beginning July 1.

Dean and Professor of Marketing at IE Business School, Martin Boehm has served on the GMAC board since 2017 and will represent GMAC as its new board chairperson for two consecutive years, replacing William Boulding who concludes his two-year term on June 30.

Professor Boehm has held several roles within IE Business School including Dean of Programs and Associate Dean of Master in Management Programs. He teaches across the School’s Master in Management, MBA, Executive MBA and PhD programmes.

Meanwhile, the new board members are: Ranjan Banerjee, Dean, Professor of Marketing, S.P. Jain Institute of Management and Research; Soojin Kwon, Managing Director, Full-Time MBA Admissions and Program, Stephen M. Ross School of Business, University of Michigan; Enase Okonedo, Dean, Lagos Business School, Pan-Atlantic University; and, Jay Nibbe, EY Global Vice Chair – Markets as an independent director.

“We’re excited to engage and collaborate with some of the brightest minds in Graduate Management Education from regions across the world,” said GMAC president and chief executive officer, Sangeet Chowfla.

“Enhancing diversity and global perspective on our board better enables GMAC to bring solutions and ideas to the marketplace that help address the unique challenges and opportunities associated with our industry.”

GMAC is a global organisation with offices in China, India, Singapore, the United Kingdom, and the United States. More details at www.gmac.com.

-- BERNAMA

Friday, June 26, 2020

Uniphore named in 2020 Gartner Cool Vendors in CRM Customer Service and Support report

KUALA LUMPUR, June 25 -- Uniphore, a global leader in Conversational Service Automation has been named in the 2020 Gartner Cool Vendors in CRM Customer Service and Support report.

According to a statement, seven years after being recognised as a Cool Vendor in Human-Machine Interfaces, Gartner revisits Uniphore and writes about ‘Where are they Now’.

“This research does not constitute an exhaustive list of vendors in any given technology area, but is designed to highlight interesting, new and innovative vendors, products and services,” stated Gartner in the report.

The report goes on to further point out, “Consistency and personalisation are key to providing effortless customer service experiences which along with better employee experiences, will increase both customer and employee loyalty.”

The report also states that “the message is becoming clearer: to deliver stronger and more sustainable customer experience, organisations need to shift to a digital-first agenda supported by artificial intelligence and machine learning for both automated and assisted service personalised customer interactions.”

“Being named a Gartner Cool Vendor back in 2013 was such an honour and really set us on the road to success as we expanded our offerings, delivered innovations for customers and enhanced our portfolio,” said Uniphore president and co-founder, Ravi Saraogi.

“Now, to have Gartner relook at our company and share their findings in the ‘Where are they now’ section of the Cool Vendor report, is amazing.”

-- BERNAMA

EXPLORING ENTREPRENEURSHIP FOR INCOME SUSTENANCE AND GENERATION IN POST COVID-19




SERDANG, June 25 (Bernama) --
Putra Business School (PBS) and the Entrepreneurship Development Institute of India (EDII), jointly hosted a virtual forum through Zoom and Facebook Live entitled Post Covid-19 Income Generation Through Entrepreneurship on June 23, 2020. The event featured renowned industry experts, academician Emeritus Professor Tan Sri Dato' Dr. Syed Jalaludin Syed Salim, Chancellor of PBS, Dato' Nelson Renganathan, Chairman of Human Resources Development Fund (HRDF), Dr. Sunil Shukla, Director-General of EDII, and Prof. Dr. Zulkornain Yusop, President & CEO of PBS, with IMS Asia’s Director, SN Siva, as the moderator. It was launched by Deputy Minister of Finance II, YB Tuan Mohd Shahar bin Abdullah.

“Nurturing the development of entrepreneurship is also in line with the National Entrepreneurship policy 2030,” said YB Tuan Mohd Shahar in his opening speech.  YB Tuan Mohd Shahar added, “In my personal view, entrepreneurship has become vital, especially now during the crisis of job losses, among other things.” He also advised that those involved in entrepreneurship to embrace the new challenges and be innovative, creative and industrious in pursuing their business and be resilient in facing the challenges that are coming.

Prof. Dr. Syed Jalaludin emphasized the significance of having vision and initiative in startups. Dato’ Nelson expounded on the competitive environment of entrepreneurship with his personal experiences, and stressed the importance of having proper drive and resilience in budding entrepreneurs.

Dr Sunil believed there exists new opportunities for discoveries amidst the adversities that can be utilized, and listed healthcare, agriculture and tourism as industries that may expect new innovation.

“The Ministry of Higher Education Malaysia (MOHE) has been very serious in addressing the development of entrepreneurship among Malaysian graduates” said Prof. Dr. Zulkornain. He cited that producing holistic and balanced graduates with an entrepreneurial mindset was the first of the 10 shifts or aspirations stated in the Malaysia Higher Education Blueprint (2015-2025).

The panel agreed that environment, along with one’s intrinsic values and mindset were the biggest factors which determine the growth of entrepreneurs. The forum gained more than 2,000 views and 250 participants.

ABOUT PUTRA BUSINESS SCHOOL

PBS is a postgraduate business school located in Serdang. To balance between theory and practice, PBS’s globally recognized courses are facilitated by experienced industry practitioners and academics. PBS is an AACSB (The Association to Advance Collegiate Schools of Business) and ABEST21 (THE ALLIANCE ON BUSINESS EDUCATION AND SCHOLARSHIP FOR TOMORROW, a 21st Century Organization) accredited school – the first business school in Malaysia with these distinctions. All programmes offered by PBS are accredited by the Malaysian Qualifications Agency and approved by the Ministry of Higher Education. PBS is recognized as one of the Top Business Schools in Malaysia by the MOHE. Academic programmes offered at PBS are MBA, PGCert, MSc and PhD.

SOURCE: Putra Business School

FOR MORE INFORMATION, PLEASE CONTACT:
Name: Ms. Siti Badarny Hassan
Director of Marketing & Corporate Communications
Tel: 019-219 4287
Email: badarny@putrabs.edu.my
Website: www.putrabusinessschool.edu.my

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Thursday, June 25, 2020

Aero-Engines Europe Virtual runs on Sept 16 & 17

KUALA LUMPUR, June 24 -- Aviation Week Network will hold Aero-Engines Europe Virtual, a digital event with enhanced matchmaking opportunities and high-quality educational content on Sept 16 and 17.

According to a statement, the Aero-Engines Europe will return as a live event in Stavanger, Norway from Sept 15 to 16, 2021.

Aero-Engines Europe is the premier event exclusively dedicated to the trends and issues related to Europe’s engine MRO community, gathering stakeholders from across the value chain including OEMs, MROs, airlines, lessors and suppliers.

The virtual event will provide digital content and networking, and a forum where the airline, engine lessor, OEM and MRO supplier communities can connect with and source new and existing business partners and share knowledge and best practices.

The Aviation Week events team is working through details that will support this transition and will be sharing updates via the website and social media platforms in the coming weeks.

Aviation Week Network’s parent company, Informa, has developed AllSecure, a set of enhanced standards and guidelines that provide the highest level of hygiene and safety at all Informa’s events.

All upcoming Aero-Engines and MRO events will be organised in accordance with the AllSecure standard, providing visitors with reassurance they are participating in a safe and controlled environment.

-- BERNAMA

ADX Labs contributes US$100,000 for COVID-19 vaccine development

KUALA LUMPUR, June 25 -- ADX Labs Inc (ADX) via its charitable arm, ADX Foundation has donated US$100,000 to the Coalition for Epidemic Preparedness Innovations (CEPI) to accelerate COVID-19 vaccine development. (US$1 = RM4.276)

According to a statement, to date, CEPI has funded a diverse portfolio of nine vaccine candidates against COVID-19, with the ambition of developing a safe, effective and globally accessible vaccine within a 12-18-month time-frame.

To increase their chances of success, CEPI also opened a new funding opportunity recently, focusing on additional vaccine candidates that have the potential to be developed rapidly and manufactured globally at scale.

ADX founder and chief executive officer (CEO) and ADX Foundation chairman, Steven M. Renner said: “CEPI’s new Call for Proposals to accelerate vaccine candidates against COVID-19 is a highly promising initiative, and ADX Labs is proud to help CEPI’s vaccine development partners increase their chances of success.”

According to CEPI CEO, Dr Richard Hatchett, investment in vaccines and other scientific innovations is now crucial to give the best possible chance of ending this pandemic.

ADX independently funds the ADX Foundation, a registered non-profit philanthropic organisation which has invested in children, communities and social justice since 2013.

-- BERNAMA

Wednesday, June 24, 2020

ADNOC ANNOUNCES $20.7 BILLION ENERGY INFRASTRUCTURE DEAL

Joint venture will yield $10.1 billion in foreign direct investment in one of the largest global energy infrastructure transactions Largest transaction in ADNOC’s strategy to proactively manage its assets and maximize value, launched in 2017 Foreign investment into ADNOC’s infrastructure unlocks significant capital to reinvest in ADNOC’s strategic growth projects and reinforces the UAE as an investment destination of choice Landmark transaction creates a further benchmark for large-scale energy infrastructure investment into the UAE and wider region from leading global institutional investors



Abu Dhabi, UAE, June 24 (Bernama-GLOBE NEWSWIRE) -- The Abu Dhabi National Oil Company (ADNOC) announced today that it has entered into an agreement with some of the world’s leading infrastructure investors and operators, sovereign wealth and pension funds. A consortium of investors comprising Global Infrastructure Partners (GIP), Brookfield Asset Management, Singapore’s sovereign wealth fund GIC, Ontario Teachers’ Pension Plan Board (Ontario Teachers’), NH Investment & Securities and Snam (the Consortium), will invest in select ADNOC gas pipeline assets valued at $20.7 billion.

In one of the largest global energy infrastructure transactions, the Consortium will collectively acquire a 49% stake in ADNOC Gas Pipeline Assets LLC (henceforth referred to as “ADNOC Gas Pipelines”), a newly formed subsidiary of ADNOC with lease rights to 38 pipelines covering a total of 982.3 kilometers, with ADNOC holding the 51% majority stake. The innovative transaction structure allows ADNOC to tap new pools of global institutional investment capital, whilst at the same time maintaining full operating control over the assets included as part of the investment.
 
Under the terms of the agreement, ADNOC will lease its ownership interest in the assets to ADNOC Gas Pipelines for 20 years in return for a volume-based tariff subject to a floor and a cap. The transaction will result in upfront proceeds of over $10 billion to ADNOC and is subject to customary closing conditions and regulatory approvals.
 
The gas pipeline network connects ADNOC’s upstream assets to local UAE off-takers. Ownership of the pipelines, management of pipeline operations, and all responsibility for associated operational and capital expenditures will remain with ADNOC. For ADNOC’s partners, this transaction represents a unique opportunity to invest in quality energy infrastructure assets with a low-risk profile that generate stable cash flows.
 
Commenting on the transaction, His Excellency Dr. Sultan Al Jaber, UAE Minister of State and ADNOC Group CEO, said: “We are pleased to once again partner with some of the world’s leading global infrastructure and institutional investors in what marks the region’s largest energy infrastructure investment. This milestone transaction demonstrates the trust and confidence placed in ADNOC by the global investment community and unlocks significant value from our pipeline portfolio, following last year’s groundbreaking oil pipeline infrastructure investment partnership. Today’s landmark investment signals continued strong interest in ADNOC’s low-risk, income-generating assets, and sets another benchmark for large-scale energy infrastructure investments in the UAE and the wider region. It solidifies ADNOC’s position as an attractive partner and reinforces the UAE’s track record as the region’s go-to foreign direct investment destination, even during the current unprecedented circumstances.”
 
Adebayo Ogunlesi, Chairman and Managing Partner of GIP commented: “We are delighted to be entering into this strategic partnership with ADNOC, one of the world’s leading energy companies. ADNOC’s gas network is a core piece of midstream infrastructure in the UAE and this transaction presents a unique opportunity to invest in an asset of this quality and importance, while also supporting ADNOC in their smart growth strategy. This transaction underscores GIP’s strategy of investing in high quality infrastructure assets and developing long term strategic partnerships with industry leaders.”
 
“We are pleased to invest in this strategic pipeline system, which serves as the critical link between UAE low-cost natural gas supply and robust in-country demand,” said Bruce Flatt, CEO, Brookfield Asset Management. “This transaction aligns with our strategy of investing in high quality, essential assets generating stable and predictable cash flows in a sector we know well. ADNOC has established itself as one of the world’s leading natural gas producers, with an exemplary operational record. We look forward to partnering with them in support of this critical asset and sector.”
 
“This strategic transaction is attractive to Ontario Teachers’ as it provides us with a stake in a high- quality infrastructure asset with stable long-term cash flows, which will help us deliver on our pension promise,” said Ziad Hindo, Chief Investment Officer, Ontario Teachers’. “This new partnership with ADNOC and a group of world-class institutional and infrastructure investors expands our global presence and provides further geographic diversification to our portfolio.”
 
“Investing into ADNOC’s gas infrastructure and supporting Abu Dhabi's energy initiatives reinforces our investment diversification strategy and demonstrates Korea's growing presence in the global infrastructure space. I am confident this milestone transaction can become a stepping-stone to broaden Korean investments in the region,” remarked Young-Chae Jeong, Chairman & CEO of NH Investment & Securities.
 
Snam CEO, Marco Alverà, said: “With this strategic transaction, we strengthen our international footprint by entering a country and a region that are key to our sector. Our aim is to promote further cooperation opportunities, particularly in the energy transition. We will work with ADNOC and the Consortium partners by leveraging our industrial skills, know-how and innovative solutions in natural gas infrastructure management and provide our contribution to the UAE’s energy system. This transaction was carried out remotely over the past months, testifying the resilience of our company and its willingness to continue its growth path.”
 
This agreement is the largest transaction since ADNOC announced the expansion of its partnership and investment model in 2017, which aims to unlock value for ADNOC. Since then, ADNOC has entered the debt capital markets for the first time, issuing a $3 billion bond backed by the Abu Dhabi Crude Oil Pipeline; partially floated ADNOC Distribution, the first-ever IPO of an ADNOC Group company; and entered into several strategic partnerships in its drilling, refining, fertilizer and trading businesses, amongst others. These transactions and today’s landmark announcement are part of ADNOC’s ongoing delivery of its value creation strategy.
 
This milestone agreement reinforces ADNOC’s focus and role as a catalyst for responsible and sustained investment and value creation for Abu Dhabi and the UAE in this challenging period. The partnership unlocks significant capital that can be deployed into strategic initiatives to support ADNOC’s smart growth strategy.
 
Additional Transaction Details

The strategic joint venture will see ADNOC pay ADNOC Gas Pipelines a volume-based tariff for the use of pipelines that transport sales gas and natural gas liquids (NGL) from ADNOC’s upstream assets to Abu Dhabi’s key outlets and terminals. The tariff will be charged on the total volumes transported through the pipelines, together with liquefied natural gas (LNG) flows, subject to a volume cap. The new subsidiary will distribute 100% of free cash to the investors in the form of quarterly dividends.
 
Bank of America Securities, First Abu Dhabi Bank and Mizuho Securities acted as financial advisors to ADNOC while Moelis & Company acted as an independent financial advisor to ADNOC.
 
ADNOC’s Gas Strategy

The UAE holds the world’s sixth-largest natural gas reserves. ADNOC’s gas strategy aims to meet in-country gas demand and support the UAE in achieving gas self-sufficiency. Dynamics for the UAE gas market are attractive, driven largely by domestic utilities and growing industrial production, in addition to the demand created by ADNOC’s own upstream and downstream activities.
 
ADNOC’s Sustainability Strategy

ADNOC has a legacy of responsible oil and gas production and long-standing commitment to environmental stewardship. Earlier this year, it announced a comprehensive set of sustainability goals, which included plans to decrease its greenhouse gas (GHG) emissions intensity by 25% by 2030, strengthening its position as one of the least carbon-intensive oil and gas companies in the world.

# # #
 
About ADNOC

ADNOC is one of the world’s leading diversified energy and petrochemicals groups. With 14 specialist subsidiary and joint venture companies, ADNOC is a primary catalyst for the UAE’s growth and diversification. To find out more, visit www.adnoc.ae
 
For further information: media@adnoc.ae

About Global Infrastructure Partners

Global Infrastructure Partners ("GIP") is an independent infrastructure fund manager that makes equity and debt investments in infrastructure assets and businesses. GIP targets investments in the energy, transport and water/waste sectors in both OECD and select emerging market countries. GIP’s 40 equity portfolio companies employ approximately 62,000 people in over 50 countries. GIP’s teams are located in 10 offices: London, New York, Stamford (Connecticut), Sydney, Melbourne, Brisbane, Mumbai, Delhi, Singapore and Hong Kong. For more information, visit www.global-infra.com.
 
About Brookfield Asset Management

Brookfield Asset Management Inc. is a leading global alternative asset manager with over $515 billion of assets under management across real estate, infrastructure, renewable power, private equity and credit. Brookfield owns and operates long-life assets and businesses, many of which form the backbone of the global economy. Utilizing its global reach, access to large- scale capital and operational expertise, Brookfield offers a range of alternative investment products to investors around the world – including public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance companies and private wealth investors.
 
Brookfield Asset Management is listed on the New York and Toronto stock exchanges under the symbol BAM and BAM. A respectively.
 
About Ontario Teachers’

The Ontario Teachers' Pension Plan Board (Ontario Teachers') is the administrator of Canada's largest single-profession pension plan, with C$207.4 billion in net assets (all figures at December 31, 2019). It holds a diverse global portfolio of assets, approximately 80% of which is managed in-house, and has earned an annual total-fund net return of 9.7% since the plan's founding in 1990. Ontario Teachers' is an independent organization headquartered in Toronto. Its Asia-Pacific region office is located in Hong Kong and its Europe, Middle East & Africa region office is in London. The defined-benefit plan, which is fully funded, invests and administers the pensions of the province of Ontario's 329,000 active and retired teachers. For more information, visit otpp.com and follow us on Twitter @OtppInfo.
 
About NH Investment & Securities (“NH I&S”)

NH I&S is the second largest investment bank in Korea, offering a broad range of financial services, encompassing wealth management, investment banking, brokerage and merchant banking through 79 domestic branches. Since its founding in 1969, NH I&S has been a trusted partner of Korea’s capital markets. As of September 2019, NH I&S has total assets of US$46bn and shareholders’ equity of US$4.5bn. NH I&S, together with NongHyup Financial Group and its affiliates, forms NH Financial Group. For more information, visit www.nhqv.com
 
About Snam

Snam is one of the world’s leading energy infrastructure operators and one of the largest Italian-listed companies in terms of market capitalization. Through its international subsidiaries, it operates in Albania, Austria, China, France, Greece and the UK. The company has the largest natural gas transmission network and storage capacity among European peers and is also one of the main operators in regasification. As part of a €6.5 billion plan to 2023, Snam invests €1.4 bn in the SnamTec project, focused on innovation and new energy transition businesses, from sustainable mobility to biomethane and energy efficiency. Snam also aims to enable and promote the development of hydrogen to encourage the decarbonisation of the energy sector and industry. Snam’s business model is based on sustainable growth, transparency, the promotion of talent and diversity and the social development of regions through the initiatives of Fondazione Snam. To find out more, visit www.snam.it
 
For further information: ufficio.stampa@snam.it

Jack Cowell
Global Infrastructure Partners
212 315 8133
Jack.Cowell@global-infra.com

SOURCE : Global Infrastructure Partners