By: Reuters

Global investment firm KKR has acquired a minority stake in the entity that leases Abu Dhabi National Oil Company's (ADNOC) gas pipeline assets. The financial details of the transaction were not disclosed.

This move expands KKR's existing relationship with ADNOC. The firm, along with BlackRock, had previously invested in ADNOC's oil pipeline assets in 2019, a stake which it divested last year.

According to a company statement, KKR is acquiring the minority stake in ADNOC Gas Pipeline Assets through its managed accounts, structuring the investment with long-duration capital. As part of the agreement, ADNOC will retain full ownership and operational control of the pipeline infrastructure.

This partnership is part of ADNOC's strategy to attract foreign institutional capital while maintaining control over its critical assets. The appointment of General David Petraeus as KKR's Middle East chairman earlier this year was noted as part of the firm's effort to grow its regional business. Petraeus stated that the firm is pleased to expand its strategic partnership with ADNOC and to invest further in Abu Dhabi’s long-term prosperity and critical infrastructure.