AGL 40.00 Decreased By ▼ -0.16 (-0.4%)
AIRLINK 129.53 Decreased By ▼ -2.20 (-1.67%)
BOP 6.68 Decreased By ▼ -0.01 (-0.15%)
CNERGY 4.63 Increased By ▲ 0.16 (3.58%)
DCL 8.94 Increased By ▲ 0.12 (1.36%)
DFML 41.69 Increased By ▲ 1.08 (2.66%)
DGKC 83.77 Decreased By ▼ -0.31 (-0.37%)
FCCL 32.77 Increased By ▲ 0.43 (1.33%)
FFBL 75.47 Increased By ▲ 6.86 (10%)
FFL 11.47 Increased By ▲ 0.12 (1.06%)
HUBC 110.55 Decreased By ▼ -1.21 (-1.08%)
HUMNL 14.56 Increased By ▲ 0.25 (1.75%)
KEL 5.39 Increased By ▲ 0.17 (3.26%)
KOSM 8.40 Decreased By ▼ -0.58 (-6.46%)
MLCF 39.79 Increased By ▲ 0.36 (0.91%)
NBP 60.29 No Change ▼ 0.00 (0%)
OGDC 199.66 Increased By ▲ 4.72 (2.42%)
PAEL 26.65 Decreased By ▼ -0.04 (-0.15%)
PIBTL 7.66 Increased By ▲ 0.18 (2.41%)
PPL 157.92 Increased By ▲ 2.15 (1.38%)
PRL 26.73 Increased By ▲ 0.05 (0.19%)
PTC 18.46 Increased By ▲ 0.16 (0.87%)
SEARL 82.44 Decreased By ▼ -0.58 (-0.7%)
TELE 8.31 Increased By ▲ 0.08 (0.97%)
TOMCL 34.51 Decreased By ▼ -0.04 (-0.12%)
TPLP 9.06 Increased By ▲ 0.25 (2.84%)
TREET 17.47 Increased By ▲ 0.77 (4.61%)
TRG 61.32 Decreased By ▼ -1.13 (-1.81%)
UNITY 27.43 Decreased By ▼ -0.01 (-0.04%)
WTL 1.38 Increased By ▲ 0.10 (7.81%)
BR100 10,407 Increased By 220 (2.16%)
BR30 31,713 Increased By 377.1 (1.2%)
KSE100 97,328 Increased By 1781.9 (1.86%)
KSE30 30,192 Increased By 614.4 (2.08%)

State-owned UAE energy giant Abu Dhabi National Oil Co. on Sunday signed a $4 billion deal with US-based investors BlackRock and KKR granting them a minority stake in its pipeline arm. The agreement gives the two investors a joint stake of 40 percent in ADNOC Oil Pipeline, a newly established firm that owns all of the 18 pipelines that carry Abu Dhabi crude oil and condensates, a statement said. ADNOC will keep the remaining 60 percent and also have sovereignty over the pipelines and management of operations, the company said.
One of the largest national oil conglomerates, ADNOC has signed a raft of agreements with major international oil firms to attract funding and expertise in a bid to boost production of crude oil and natural gas as well as refining capacity.
Last year, ADNOC granted concession rights in existing and new oilfields and earmarked some $132 billion over the next five years to boost crude output capacity to four million barrels per day in 2020 and to five million bpd a decade later.
ADNOC chief executive Sultan al-Jaber said the deal demonstrates the trust of the global investment community in the company's approach. "We are creating a range of attractive opportunities for global and regional institutional investors to partner and invest alongside ADNOC to enhance value from our sizeable infrastructure base," he said.
BlackRock, the world's largest asset manager, has some $6.4 trillion under management while KKR manages a fund worth $150 billion. Both are based in New York. Last month, ADNOC signed partnership deals worth $5.8 billion giving Italy's Eni a 20-percent stake in ADNOC Refining and Austria's OMV a 15-percent share in the refining arm. Abu Dhabi, one of seven states that make up the United Arab Emirates, holds more than 90 percent of the federation's 98 billion barrels of crude oil reserves.

Copyright Agence France-Presse, 2019

Comments

Comments are closed.