The stake is likely to be worth $4 billion to $5 billion
American investment firms BlackRock Inc and KKR & Co are in discussions to take a stake in the Abu Dhabi National Oil Company’s (ADNOC) pipeline network, according to a report in the Financial Times.
According to the newspaper, the stake is likely to be worth between $4 billion and $5 billion.
BlackRock, KKR and Adnoc have yet to comment on the report.
In October, Reuters reported that Adnoc was looking to a sell a stake in it’s multi-billion pipeline business.
At the time, an Adnoc spokesman said that the company was examining ‘potential innovative transaction opportunities’ in a bid to improve its asset base.
Sources told Reuters that Bank of America-Merill Lynch was advising Adnoc on a number of options, including a possible stock market listing.
JPMorgan was reportedly also helping with the process, according to two anonymous sources cited by Reuters.
Over the last two years, Adnoc has sold and listed parts of its business to make it more competitive.For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.