GCC Oil Giants Raise Billions from Infrastructure Deals

Raising funds from oil and gas infrastructure assets, while retaining control, is now firmly part of the playbook of GCC Arab national oil companies, helping them raise billions of dollars.

Below are key facts about such deals.

UAE'S ADNOC

In 2019, ADNOC created a new subsidiary, ADNOC Oil Pipelines, and leased its interest in 18 pipelines for 23 years to a consortium including BlackRock and KKR, raising US$4 billion. The investors acquired a 40% stake in the entity, with ADNOC retaining 60% and full operational control.

The following year, in 2020, ADNOC formed ADNOC Gas Pipelines and sold a 49% stake to a group of six investors: Global Infrastructure Partners (GIP), Brookfield Asset Management, Singapore’s sovereign wealth fund GIC, Ontario Teachers’ Pension Plan Board, NH Investment & Securities, and Italy's Snam. This deal raised US$10.1 billion.

In April 2024, Abu Dhabi's Lunate acquired the 40% oil pipeline stake from BlackRock and KKR. Snam, which held an indirect stake in the gas pipeline entity, announced in January 2024 that it had sold its share to Lunate as well. Lunate is an Abu Dhabi-based alternative investment manager and is part of a business empire overseen by Sheikh Tahnoun bin Zayed Al Nahyan, the UAE's national security adviser.

KKR on Tuesday bought a minority stake in ADNOC Gas Pipeline.

SAUDI ARAMCO

In 2021, Aramco created Aramco Oil Pipelines Co. and sold a 49% stake to a consortium led by EIG Global Energy Partners for US$12.4 billion under a 25-year lease.

Later that year, it formed Aramco Gas Pipelines Co. and sold a 49% stake to a group led by BlackRock and Hassana Investment Co. for US$15.5 billion.

In 2025, Aramco signed an US$11 billion lease-and-leaseback deal for infrastructure around its Jafurah gas project with a consortium led by Global Infrastructure Partners, which BlackRock bought in 2024.

Aramco retained majority ownership and operational control in all deals.

Reuters reported in July that Aramco is looking to sell up to five gas-fired power plants that could raise around US$4 billion, part of a broader effort to free up funds that could generate tens of billions of dollars.

OMAN'S OQ

In 2023, Oman sold a 49% stake in its gas pipeline unit, OQ Gas Networks, via an IPO, raising about US$750 million.

Cornerstone investors included Saudi Arabia's Public Investment Fund, Qatar Investment Authority and Belgium's Fluxys.

OQ retained 51% ownership and operational control.

BAHRAIN'S BAPCO

Last year, Bapco Energies sold a minority stake in the Saudi-Bahrain oil pipeline to BlackRock's infrastructure fund.

The deal marked Bahrain's first infrastructure monetization. Its value was not disclosed.

Bapco retained majority ownership and operational control.

KUWAIT PETROLEUM CORPORATION (KPC)

KPC is exploring a lease-leaseback deal for its oil pipeline network in a deal that would mirror monetization models used by ADNOC and Aramco, KPC CEO Sheikh Nawaf Saud Nasir Al-Sabah has said. He did not disclose figures.

Bloomberg had reported the deal involves 13 pipelines and could raise US$5 billion to US$7 billion and Centerview Partners is advising on the potential transaction, citing people familiar with the matter.

KPC is expected to retain operational control.

BlackRock will open an office in Kuwait and has appointed Ali AlQadhi to lead operations in the country, Kuwait's state news agency said in September.

It was not immediately clear if BlackRock would be involved in KPC's potential deal and the fund previously declined to comment.