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BlackRock & KKR buy into ADNOC midstream for $4 billion



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US-based investment firms BlackRock and KKR struck a $4 billion deal with ADNOC, marking the first time institutional investors have partnered with a state-controlled oil company in the Middle East. The deal will form a new entity called ADNOC Oil Pipelines, which will lease ADNOC’s stakes in 18 pipelines to transport oil and condensate from across the company’s offshore and onshore upstream portfolio for 23 years. BlackRock and KKR will collectively hold a 40% stake in the midstream entity, with......
 
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