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BlackRock and KKR clinch deals with ADNOC



Investment of the giants BlackRock and KKR on Sunday signed a $ 4 billion deal with the Abu Dhabi National Oil Company (ADNOC) to become the first institutional investors to join a national oil producer in the Middle East.

8 pipelines, transport stabilized crude oil and condensate over ADNOC's offshore and onshore upstream concessions" for 23 years, according to the company press release Sunday

ADNOC will retain a 60 percent stake, with BlackRock and KKR holding a total of 40 percent interest in the consortium, the company said.

B Larry Fink, lackRock's CEO, described what he saw as Abu Dhabi's pressure for To attract more foreign capital and the potential of global financial markets.

"Abu Dhabi wanted to play world class … and it wasn't us as pre Set them, if anything they were already there, as to what kind of transparency was needed to attract foreign investors, he told CNBC's Hadley Gamble on Sunday. "For a transaction like this, it came very quickly."


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