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ADNOC seals $4b pipeline deal with KKR, BlackRock

ABU DHABI: Abu Dhabi National Oil Company (ADNOC) has sealed a $4 billion midstream pipeline infrastructure deal with US investment firms KKR and BlackRock, the Abu Dhabi government-owned company said on Sunday. A new entity called ADNOC Oil Pipelines will lease the oil firm’s interest in 18 pipelines, transporting crude oil and condensates across Adnoc’s offshore and onshore upstream concessions for a 23-year period, ADNOC said in a statement. Funds managed by KKR and BlackRock will form a consortium to hold a 40 percent stake in the entity with ADNOC owning the remainder. ADNOC will have sovereignty over the pipelines and management of pipeline operations. The deal, expected to close in the third quarter of 2019, will result in upfront proceeds of some $4 billion to ADNOC.
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