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The Abu Dhabi National Oil Company, Adnoc, announced on Thursday a landmark $4 billion pipeline infrastructure investment deal with BlackRock and KKR.
As per the deal, the BlackRock, the world's biggest asset manager, overseeing some $6.3 trillion in assets, and global investment firm KKR will acquire a combined 40 per cent stake in a newly formed entity, Adnoc Oil Pipelines.
The KKR and BlackRock investment, which was funded through their global infrastructure funds and financed by a syndicate of international banks, was oversubscribed during its syndication.
Apart from this deal, the Abu Dhabi Retirement Pensions and Benefits Fund, ADRPBF, also agreed to invest a further $300 million for three per cent stake in the new entity, according to a statement from Adnoc. The remaining 57 per cent will be held by Adnoc.
"The innovative leasing investment structure marks the first time that leading, global and domestic institutional investors have deployed long-term equity capital into key midstream infrastructure assets of a national oil company in the UAE," said the statement.
As per the agreement, Adnoc Oil Pipelines leases the oil major's interest in 18 pipelines, transporting stabilised crude oil and condensate across Adnoc's offshore and onshore upstream concessions, for a 23-year period. The entity receives a tariff payable by Adnoc, for its share of volume of crude and condensate that flows through the pipelines, backed by minimum volume commitments. Sovereignty over the pipelines and management of pipeline operations remain with Adnoc.
Ahmed Jasim Al Zaabi, Group Director Finance and Investment at Adnoc, said the successful closing of the pioneering transaction and the oversubscribed financing is a clear vote of confidence by the global investment and finance community in both the UAE and Adnoc as an attractive investment destination. "It also highlights the quality of Adnoc's midstream pipeline assets and our innovative approach to structuring value-creating investment opportunities for our partners and investors."
The collection of 18 pipelines being leased by Adnoc Oil Pipelines has a total length of over 750km, and a total aggregate capacity of approximately 13,000 mbblpd.
Adnoc has significantly expanded its strategic partnership and co-investment model over the last two years, and created new investment opportunities across all areas of its value chain, while at the same time, more proactively managing its portfolio of assets and capital, said the statement.
"This transaction continues this strategy and follows on from several other recent value creation initiatives including Adnoc's debut capital markets transaction, the issuance of the Abu Dhabi Crude Oil Pipeline, Adcop, bond, the IPO of Adnoc Distribution, the recent strategic equity and commercial partnerships between Adnoc Drilling and Baker Hughes as well as Adnoc Refining and Eni and OMV," it said. - issacjohn@khaleejtimes.com
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