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News // Companies

ADNOC inks $4 billion deal with US investment companies KKR and BlackRock

25 February 2019 , 13:00Neftegaz.RU345

Abu Dhabi, February 25 - Neftegaz.RU. Adnoc entered into a $4-billion midstream pipeline infrastructure partnership with institutional investors KKR and BlackRock.


As part of the transaction, a newly formed entity called ADNOC Oil Pipelines – Sole Proprietorship – will lease ADNOC’s interest in 18 pipelines, transporting stabilized crude oil and condensate across ADNOC’s offshore and onshore upstream concessions, for a 23-year period.


This collection of 18 pipelines being leased by ADNOC Oil Pipelines has a total length of over 750km, and a total aggregate capacity of approximately 13,000 Mbblpd (gross).


Funds managed by BlackRock and KKR will form a consortium to collectively hold a 40% interest in the entity, while ADNOC will hold the remaining 60% majority stake.


Sovereignty over the pipelines and management of pipeline operations remain with ADNOC. The transaction will result in upfront proceeds of approximately $4 billion to ADNOC and is expected to close in Q3 2019, subject to customary closing conditions and all regulatory approvals.


This transaction marks the 1st time that leading, global institutional investors have deployed capital into key midstream infrastructure assets of a national oil company in the Middle East.


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