Abu Dhabi's pension fund joins KKR, BlackRock in ADNOC pipeline deal

In February, ADNOC sealed a $4bln midstream pipeline infrastructure deal with U.S. investment firms KKR and BlackRock

  
ADNOC Group company pipeline. Image used for illustrative purpose.

ADNOC Group company pipeline. Image used for illustrative purpose.

Teneo Strategy handout via Thomson Reuters Projects

DUBAI:  Abu Dhabi National Oil Company (ADNOC) said on Sunday that Abu Dhabi Retirement Pensions and Benefits Fund (ADRPBF) has signed a deal to invest in a pipeline infrastructure entity that ADNOC is setting up with BlackRock and KKR.

ADRPBF will invest 1.1 billion dirhams ($300 million) and will acquire a 3 percent stake in the newly formed entity, ADNOC Oil Pipelines, with BlackRock and KKR together holding 40 percent and ADNOC the remaining 57 percent, ADNOC said in a statement.

In February, ADNOC sealed a $4 billion midstream pipeline infrastructure deal with U.S. investment firms KKR and BlackRock.

(Reporting by Dahlia Nehme; Editing by Rania El Gamal and Susan Fenton) ((dahlia.nehme@thomsonreuters.com;))

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