Abu Dhabi National Oil Company (ADNOC) said it had completed a deal for BlackRock and KKR to buy a 40% stake in ADNOC Oil Pipelines for $4bn, and Abu Dhabi Retirement Pensions & Benefits Fund to acquire 3% stake for $300m. Under the deal, the pipeline company will lease ADNOC’s interest in 18 pipelines transporting crude oil and condensates across ADNOC’s upstream concessions for 23 years. KKR and BlackRock’s investment, which was first announced in February, was funded through their infrastructure funds and financed by a syndicate of banks, ADNOC said in a statement. “We have created an innovative core midstream infrastructure platform alongside ADNOC and BlackRock that can be a catalyst for further foreign investment and broader economic transformation in the United Arab Emirates. Having long had a presence in the region, we appreciate the high quality of ADNOC as a partner and Abu Dhabi’s investor-friendly environment to enable our first direct investment in the region. With this transaction as a precedent, we believe there is substantial potential to do even more.” Henry Kravis, KKR Co-Founder, Co-Chairman and Co-CEO.