Deals
KKR, BlackRock Set to Invest in Adnoc Pipeline Unit
- Government-run company will receive its payment upfront
- Abu Dhabi’s Adnoc signed $10 billion in asset sales this year
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KKR & Co. and BlackRock Inc. agreed to invest $4 billion in Abu Dhabi’s oil pipelines, securing two decades of guaranteed returns and providing the Middle Eastern energy producer a cash injection to help diversify its economy.
Abu Dhabi National Oil Co. will receive the payment upfront and the deal paves the way for similar investments, Sultan Al Jaber, chief executive officer of government-run Adnoc, said in a statement posted on Twitter. The deal is the first investment by foreign asset managers in the infrastructure of a Middle Eastern government-owned oil producer, Al Jaber said.