The recently established Abu Dhabi investment firm Lunate has acquired a 40% stake in Adnoc Oil Pipelines (AOP) from institutional investors, BlackRock and KKR. The two firms had acquired their joint 40% stake in the entity for $4bn five years ago in February 2019 (MEES, 1 March 2019), and were joined by Singapore’s GIC (6%) and Abu Dhabi Retirement Pensions and Benefits Fund (3%) later that year (MEES, 6 September 2019).

AOP leases ownership interests in 22 oil pipelines – 17 onshore and five offshore – covering 806km and in turn receives a tariff from Adnoc for its share of volume of crude and condensate that flows through the pipelines, backed by minimum volume commitments. (CONTINUED - 214 WORDS)