Abu Dhabi-based alternative asset manager Lunate has acquired a 40% stake in ADNOC Oil Pipelines (AOP) from BlackRock and its fellow US investor KKR. 

The stake was acquired by Lunate’s Long-Term Capital Fund through the purchase of a 100% stake in a special purpose vehicle jointly held by BlackRock and KKR managed funds following their investment in AOP in 2019. 

The pipelines include 17 onshore and five offshore pipelines across the region, covering 806 kilometers with a total capacity of 18 million barrels per day, a statement said. 

BlackRock and KKR were reported to be close to selling the stake in July 2023, but the Lunate acquisition was announced Wednesday. 

Lunate was launched in September 2023, owned by its senior management and Abu Dhabi-listed Chimera Investment, with $50 billion in assets under management.  

(Writing by Imogen Lillywhite; editing by Seban Scaria)