Abu Dhabi – Mubasher: The Abu Dhabi National Oil Company (ADNOC) on Sunday announced that Abu Dhabi Retirement Pensions and Benefits Fund (ADRPBF) has inked a deal to invest in a pipeline infrastructure entity that ADNOC is establishing with BlackRock and KKR.
ADRPBF will invest an amount of AED 1.1 billion ($300 million) in the new pipeline infrastructure entity, the UAE’s state-run oil firm said in a statement.
Under the deal, ADRPBF will acquire a 3% stake in the newly formed entity, BlackRock and KKR will together own 40%, while ADNOC will manage the remaining 57%, the statement said.
In February, ADNOC uncovered its $4 billion midstream pipeline infrastructure partnership with leading global institutional investors KKR and BlackRock.
Under the deal, the newly formed entity, ADNOC Oil Pipelines, will lease ADNOC’s interest in 18 pipelines, transporting stabilised crude oil and condensate across ADNOC’s offshore and onshore upstream concessions, for a 23-year period.
