US investment firms to buy $5bn stake in Adnoc’s pipeline unit

US investment firms to buy $5bn stake in Adnoc’s pipeline unit

The US-based investment companies BlackRock and KKR & Co are reportedly in talks to buy $5 billion (AED 18.37 billion) stake in the pipeline subsidiary of the Abu Dhabi National Oil Company (ADNOC).

The deal is expected to be signed next week, informed sources told the Financial Times.

“Getting into national oil company infrastructure is pretty much the holy grail,” the UK newspaper reported on Tuesday, citing one of the sources as saying.

The Abu Dhabi-based energy giant refused to comment on the matter.

Earlier today, Fitch Ratings affirmed ADNOC Long-Term Issuer Default Rating (IDR) at “AA” with a stable outlook.

-Mubasher