Latest News

KKR invests into ADNOC pipeline infrastructure for Middle East push

The global investment firm KKR announced on Wednesday that it had acquired a minority stake in the entity which leases Abu Dhabi National Oil Company (ADNOC's) gas pipeline assets. Financial details were not disclosed.

KKR and BlackRock had invested in ADNOC’s oil pipeline assets as early as 2019, acquiring a stake of 40%, which they sold last year.

KKR will acquire the minority stake in ADNOC Gas Pipeline Assets via its managed accounts. The company stated that the long-term capital would match the type of investment and the tenure.

ADNOC retains ownership of the pipelines and management. ADNOC, the United Arab Emirates' oil giant, has been seeking such partnerships in order to tap into new pools of institutional capital while maintaining operational control over key infrastructure assets.

KKR, a global infrastructure asset manager with over $90 billion, has appointed General David Petraeus to its Middle East Chairmanship earlier this year, as part of its efforts to expand its regional business.

Petraeus stated in the statement that he was "pleased" to extend his strategic partnership with ADNOC, and to continue to invest in Abu Dhabi’s long-term prosperity. Reporting by Rachna uppal; editing by Ronojojo Mazumdar

(source: Reuters)