ADNOC Oil Pipelines Valuation, Funding & Investors

ADNOC Oil Pipelines is valued at $10B as of July 2019.

Last ADNOC Oil Pipelines valuation

$10B

Strategic investment · Jul 2019

Last ADNOC Oil Pipelines funding round

$600M

Strategic investment · Jul 2019

Cumulative funding ADNOC Oil Pipelines raised

$4.9B

across 3 funding rounds

Key investors in ADNOC Oil Pipelines

  • KKR
  • BlackRock
  • GIC
  • Lunate
  • Abu Dhabi Retirement Pensions and Benefits Fund

ADNOC Oil Pipelines Overview

About ADNOC Oil Pipelines

ADNOC Oil Pipelines is an Abu Dhabi entity formed in 2019 that holds lease rights to crude oil and condensate pipelines of the Abu Dhabi National Oil Company. ADNOC pays it a tariff based on the volume of crude and condensate transported under a long-term lease, so its income is contracted and tied to throughput rather than to oil prices. The entity was created for ADNOC's 2019 pipeline infrastructure investment programme, in which ADNOC sold minority interests to international and regional institutional investors while keeping majority ownership and operational control.


Founded

2019

HQ

UAEAbu Dhabi

Status

Privately held

Customer focus

B2B & B2G

Revenue model

Services

Valuation

$10B (Jul 2019)

ADNOC Oil Pipelines Valuation

ADNOC Oil Pipelines is currently valued at $10B, based on its strategic investment round in July 2019. Read the announcement ↗

The $600M round included GIC.

ADNOC Oil Pipelines' valuation has moved from $10B at its undisclosed-stage round in February 2019 to $10B in July 2019, across 3 priced rounds.

ADNOC Oil Pipelines valuation by funding round

ADNOC Oil Pipelines valuation by funding round
DateStageValuation
Jul 2019Strategic investment$10B
Jun 2019Strategic investment$10B
Feb 2019Undisclosed stage$10B

ADNOC Oil Pipelines Funding History

ADNOC Oil Pipelines has raised a total of $4.9B across 3 funding rounds, plus 1 secondary share sale.

ADNOC Oil Pipelines' first fundraising round was a $4B undisclosed-stage round in February 2019. The most recent completed round was a $600M strategic investment round in July 2019.

ADNOC Oil Pipelines funding rounds

ADNOC Oil Pipelines funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Apr 2024SecondaryLunate--Lunate, the Abu Dhabi alternative asset manager, announced on 3 April 2024 that one of its funds had acquired a 40 percent stake in ADNOC Oil Pipelines from BlackRock and KKR, who had bought the interest in 2019 for USD 4 billion. The purchase was made through the acquisition of a 100 percent stake in a special purpose vehicle jointly held by funds managed by BlackRock and KKR. Financial terms were not disclosed. ADNOC Oil Pipelines leases 18 ADNOC crude and condensate pipelines and receives a tariff from ADNOC based on volumes transported, so the holding gives Lunate contracted, long-duration infrastructure income. ADNOC retained a 51 percent majority and operational control. The sale returned the stake held by two US managers to an Abu Dhabi investor.
Jul 2019Strategic investmentGIC$600M$10BADNOC and GIC announced on July 30, 2019 that GIC would invest USD 600 million for a 6% stake in ADNOC Oil Pipelines. The newly formed entity held lease interests in selected crude-oil pipelines, while ADNOC retained a 51% majority and continued to control operations and sovereignty over the assets. GIC joined earlier investors KKR, BlackRock and the Abu Dhabi pension fund, taking combined outside investment in the pipeline structure to USD 4.9 billion. The investment gave GIC access to long-duration contracted infrastructure cash flows within Abu Dhabi's energy system. The larger USD 4.9 billion consortium figure is contextual only and is not placed in the amount fields. Closing was expected before year-end 2019 subject to customary approvals, and no separate valuation or EBITDA figure was published.
Jun 2019Strategic investmentKKR; Abu Dhabi Retirement Pensions and Benefits Fund; BlackRock$300M$10BADNOC sold a 3 percent stake in ADNOC Oil Pipelines to the Abu Dhabi Retirement Pensions and Benefits Fund for USD 300 million, alongside the 40 percent stake it sold to BlackRock and KKR that was completed in June 2019. The purchase gave the pension fund a direct, lease-based interest in 18 ADNOC crude pipelines covering about 750 kilometres. The newly formed entity receives a tariff from ADNOC based on the volume of crude and condensate transported, which gives its owners long-dated, contracted income. After the BlackRock and KKR transaction ADNOC retained 57 percent of the entity, and a further 6 percent was sold to GIC in July 2019, leaving ADNOC with 51 percent. The pension fund administers retirement benefits for Abu Dhabi government employees and invests its assets across global asset classes.
Feb 2019Undisclosed stageKKR; BlackRock$4B$10BADNOC signed a deal in February 2019 with KKR and BlackRock for them to acquire a 40% stake in a new entity, ADNOC Oil Pipelines, which leases ADNOC's interest in 18 crude oil and condensate pipelines spanning over 750 km with 13 million bpd capacity, for upfront proceeds of approximately $4 billion to ADNOC over a 23-year lease backed by minimum volume commitments. The deal closed in June 2019, later expanded with additional investors including GIC and ADRPBF, bringing total investment to $4.9 billion for 49% stake while ADNOC retained 51% and operational control. This transaction was part of ADNOC's strategy to unlock value from midstream infrastructure assets while preserving ownership and sovereignty, following other partnerships and capital market initiatives since 2017.

Who has invested in ADNOC Oil Pipelines?

5 investors have backed ADNOC Oil Pipelines across its funding rounds, including KKR, BlackRock, GIC, Lunate and Abu Dhabi Retirement Pensions and Benefits Fund.


ADNOC Oil Pipelines Investors

Investors in ADNOC Oil Pipelines by funding rounds participated
InvestorHQRoundsRoleFirst check
KKRUnited StatesNew York City, NY2ParticipantFeb 2019
BlackRockUnited StatesNew York City, NY2ParticipantFeb 2019
Abu Dhabi Retirement Pensions and Benefits FundUAEAbu Dhabi1ParticipantJun 2019

This data is available for Pro users. Sign up to see all 5 ADNOC Oil Pipelines investors.

Start Free Trial

Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.

Start Free Trial

ADNOC Oil Pipelines Competitors

ADNOC Oil Pipelines competitors include listed companies like Antero Midstream, Viper Energy, Keyera and AltaGas, and private ones like Hyundai Oilbank and TANAP.

Public and private companies comparable to ADNOC Oil Pipelines
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Antero MidstreamUnited StatesUnited StatesPublicly listed$1.3B$960M$10B10.2x
Viper EnergyUnited StatesUnited StatesPublicly listed$1.4B$475M$9.3B6.9x
Hyundai OilbankSouth KoreaCheongjuPrivate$18B-$8.8B0.5x
KeyeraCanadaCanadaPublicly listed$4.9B$813M$12B2.7x
AltaGasCanadaCanadaPublicly listed$9.1B$1.4B$12B2.0x
TANAPTurkeyAnkaraPrivate--$4B-

ADNOC Oil Pipelines Public Comps

ADNOC Oil Pipelines is still privately-owned, but its public comps include Antero Midstream, Edison, Saipem, SM Energy, Subsea 7, PRIO, OQ, S-Oil, Viper Energy and Centrica.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Antero Midstream$1.3B$960M10.6x10.2x13.9x11.2x
Edison$20B$1.1B0.5x-8.7x-
Saipem$17B$1.8B0.6x0.6x5.8x5.3x
SM Energy$3.1B$2.2B5.1x2.3x7.3x3.5x
Subsea 7$7.1B$1.4B1.4x1.3x7.6x5.8x
PRIO$2.9B$1.3B5.0x3.1x11.3x4.6x
OQ$3B$2.4B3.3x3.4x4.1x4.1x
S-Oil$26B$910M0.6x0.5x17.8x4.5x

This data is available for Pro users. Sign up to see all ADNOC Oil Pipelines competitors and their valuation data.

Start Free Trial

Common questions about ADNOC Oil Pipelines

When was ADNOC Oil Pipelines founded?ADNOC Oil Pipelines was founded in 2019.
Where is ADNOC Oil Pipelines headquartered?ADNOC Oil Pipelines is headquartered in Abu Dhabi, UAE.
Is ADNOC Oil Pipelines publicly listed?No, ADNOC Oil Pipelines is a private, VC-backed company.
What is ADNOC Oil Pipelines' valuation?ADNOC Oil Pipelines was last valued at $10B in its strategic investment round in July 2019.
How much funding has ADNOC Oil Pipelines raised?ADNOC Oil Pipelines has raised $4.9B across 3 funding rounds.
What was ADNOC Oil Pipelines' last funding round?ADNOC Oil Pipelines' last funding round was a $600M strategic investment round in July 2019.
Who are ADNOC Oil Pipelines' investors?ADNOC Oil Pipelines' investors include KKR, BlackRock, Abu Dhabi Retirement Pensions and Benefits Fund, GIC and Lunate.
Which companies are comparable to ADNOC Oil Pipelines?Companies comparable to ADNOC Oil Pipelines include Antero Midstream, Viper Energy, Hyundai Oilbank, Keyera, AltaGas and TANAP.

See companies similar to ADNOC Oil Pipelines

Start Your
Free Trial Today

Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.

Start Trial