BlackRock, KKR sell ADNOC oil pipeline stake to Abu Dhabi-based Lunate

An Abu Dhabi-based alternate investment fund has bought a 40 percent stake in ADNOC’s oil pipeline network from BlackRock Inc. and KKR & Co.

Lunate, which is backed by sovereign wealth fund ADQ, acquired the stake, according to a statement Wednesday.

The firm didn’t disclose terms, though Bloomberg News has previously reported that the stake could fetch more than $4 billion including debt.

BlackRock and KKR bought their stake in Adnoc Oil Pipelines five years ago in what was the first investment by foreign asset managers in the infrastructure of a state-owned oil producer in the Middle East.

ADNOC is the United Arab Emirates’ state energy firm and pumps almost all the oil in the OPEC member.