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Lunate Secures 40% Stake in ADNOC’s Pipeline Assets

Lunate Secures 40% Stake in ADNOC’s Pipeline Assets

– Lunate, an Abu Dhabi-based alternative asset manager, acquires a 40% stake in ADNOC Oil Pipelines (AOP) from BlackRock and KKR.

– The acquisition was made through Lunate’s Long-Term Capital Fund, which purchased the stake from a special purpose vehicle jointly held by BlackRock and KKR managed funds.

– The pipeline network includes 17 onshore and five offshore pipelines, covering 806 kilometers with a total capacity of 18 million barrels per day.

Abu Dhabi-based alternative asset manager Lunate has made a significant move by acquiring a 40% stake in ADNOC Oil Pipelines (AOP) from BlackRock and its US investor counterpart, KKR, according to a company statement.

The acquisition was facilitated through Lunate’s Long-Term Capital Fund, which purchased the entire stake in a special purpose vehicle jointly held by BlackRock and KKR-managed funds since their initial investment in AOP back in 2019.

The pipeline network comprises 17 onshore and five offshore pipelines spanning 806 kilometers, boasting a collective capacity of 18 million barrels per day, according to official statements. 

While reports emerged in July 2023 about BlackRock and KKR nearing the sale of their stake, the announcement of Lunate’s acquisition came to light on Wednesday.

Established in September 2023, Lunate is owned by its senior management and the Abu Dhabi-listed Chimera Investment, managing a substantial $50 billion in assets.

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