ADNOC closes $4 billion pipeline deal with KKR and 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

DUBAI (Reuters) - Abu Dhabi National Oil Company (ADNOC) said on Thursday it had completed a deal for BlackRock BLK.N and KKR KKR.N to buy a 40% stake in ADNOC Oil Pipelines for $4 billion.

Under the deal, the pipeline company will lease ADNOC’s interest in 18 pipelines transporting crude oil and condensates across ADNOC’s upstream concessions for 23 years.

KKR and BlackRock’s investment, which was first announced in February, was funded through their infrastructure funds and financed by a syndicate of banks, ADNOC said in a statement.

Reporting by Asma Alsharif; Writing by Davide Barbuscia; Editing by Edmund Blair