Abu Dhabi National Oil Company (Adnoc) has struck a $4 billion deal with private equity firm KKR and investment management company BlackRock to form a midstream pipeline infrastructure partnership.

Under the deal BlackRock and KKR will form a consortium which will hold a 40% share in the newly formed Adnoc Oil Pipelines, with Adnoc to hold the remaining 60% equity.

The new entity will lease Adnoc’s interest in 18 pipelines, which span 750 kilometres and transport oil and condensate across Adnoc’s offshore and onshore concessions in the United Arab Emirates, for a 23-year period.