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UAE’s ADNOC seals $4 billion pipeline infrastructure deal with KKR, BlackRock

FILE PHOTO: An Emirati man is seen near the logo of ADNOC in Ruwais, United Arab Emirates May 14, 2018. Picture taken May 14, 2018.REUTERS/Christopher Pike

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.

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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.

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