Abu Dhabi’s ADNOC seals $4-bln pipeline deal

Abu Dhabi

ABU DHABI, February 25, 2019 – Abu Dhabi’s state-owned ADNOC has made a deal with US investment firms KKR and BlackRock to manage pipeline infrastructure, the NOC said on Sunday.

The deal involves the creation of a new entity, ADNOC Oil Pipelines, which will manage 18 crude and condensate pipelines for a 23-year period. ADNOC will hold 60% in the new business, while BlackRock and KKR will jointly hold the remaining 40%.

Upfront proceeds from the deal for ADNOC are expected to reach USD 4 billion when the deal closes in Q3 2019.

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