DR SULTAN AHMED AL JABER, THE UAE MINISTER OF STATE AND ADNOC GROUP CEO (CENTER), LAURENCE D. FINK, THE CHAIRMAN AND CEO OF BLACKROCK (LEFT) AND HENRY KRAVIS, THE CO-CHAIRMAN AND CO-CEO OF KKR (RIGHT).
In February, the state-oil firm entered into a $4 billion midstream pipeline infrastructure partnership with KKR and BlackRock.
Sunday 30, June 2019 BY KUDAKWASHE MUZORIWA
Abu Dhabi National Oil Company (ADNOC) has completed a deal for BlackRock and KKR to acquire a 40 per cent stake in ADNOC Oil Pipelines for $4 billion.
In statement, ADNOC said that the KKR and BlackRock investment was successfully funded through their global infrastructure funds and financed by a syndicate of international banks.
The agreement will see BlackRock and KKR acquiring a combined 40 per cent stake in a newly formed entity, ADNOC Oil Pipelines.
Following the ADNOC-KKR and BlackRock deal, the Abu Dhabi Retirement Pensions and Benefits Fund (ADRPBF) also agreed to invest a further $300 million into ADNOC Oil Pipelines, in a deal which is expected to close in Q3 2019.
ADRPBF acquire a three per cent stake of ADNOC Oil Pipelines and the ADNOC will hold the remaining 57 per cent.
ADNOC Oil Pipelines will lease ADNOC’s interest in 18 pipelines, transporting stabilised crude oil and condensate across ADNOC’s offshore as well as onshore upstream concessions for a 23-year period, added ADNOC.