Adnoc completes first PE pipe partnership as others tipped to follow

Adnoc PA 230x150
By Mariam Meskin
26 Jun 2019

Investment firms BlackRock and KKR have signed a $3.275bn loan to support a pipeline partnership with the United Arab Emirate’s state-owned oil company, Abu Dhabi National Oil Company (Adnoc), according to bankers. The agreement sparked interest among market participants, who expect an increase in public-private partnerships in the Middle East energy industry, some of which are likely to be financed through traditional capital markets. Mariam Meskin reports.

The loan itself, which is structured as an amortising facility, was signed on Tuesday, according to a banker on the deal. Adnoc said the pipeline agreement was closed on Thursday.

Arrangers on the deal were BNP Paribas, Mizuho, Santander and SMBC.

The loan will fund part of a $4bn midstream pipeline partnership ...

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