ABU DHABI – Abu Dhabi National Oil Company (ADNOC) has sealed a $4 billion midstream pipeline infrastructure deal with U.S. investment firms KKR and BlackRock, the government-owned company said on Sunday.
ADNOC has been expanding through strategic partnerships since 2017. Last month it won a combined $5.8 billion investment from Italy’s Eni and Austria’s OMV for a stake in its refining business to establish a new trading operation owned by the three partners.
The latest deal follows ADNOC’s capital markets debut with its Abu Dhabi Crude Oil Pipeline bond, the IPO of ADNOC Distribution and other initiatives.
A new entity called ADNOC Oil Pipelines will lease the oil company’s interest in 18 pipelines, transporting crude oil and condensates across ADNOC’s upstream concessions for a 23-year period, ADNOC said in a statement.
The 18 pipelines have a total length of over 750 km and capacity of 13 million barrels per day.Read More
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