Abu Dhabi National Oil Company (ADNOC) announced the signing of an agreement with the Abu Dhabi Retirement Pensions and Benefits Fund to invest in the field of pipeline transport and distribution infrastructure, where the fund will invest 1.1 One billion dirhams.
The agreement was signed by Dr. Sultan Al Jaber, CEO of ADNOC, and Mr. Riyadh Al Mubarak, Chairman of the Board of Directors of the Abu Dhabi Retirement Pensions and Benefits Fund.
The move comes after Black Rock and KKR signed an initial agreement with ADNOC last February to invest 14.7 billion dirhams in the assets of pipelines for the transportation and distribution of oil. p>
According to the Emirates News Agency, the fund will receive, under the agreement, a 3% stake in ADNOC Oil Pipeline LLC, which was newly created as an individual company with limited liability , While the combined BlackRock and KKR ratio is 40%, while ADNOC retains the remaining majority stake of 57%.
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