UAE's state-owned oil company in talks for up to $5 billion investment

BlackRock and KKR are in "advanced talks" to invest between $4 billion and $5 billion into the pipeline infrastructure of state-owned Abu Dhabi National Oil Co., per the FT.

Why it matters: While ADNOC is responsible for around 3% of the global oil supply, this deal reflects how the UAE is seeking to diversify its assets for a post-oil future. "ADNOC has started a major transformation drive in the past two years to make it more competitive and commercially focused like other state-owned peers, selling and listing stakes in parts of its business," Reuters' Diptendu Lahiri writes.

Go deeper: How Saudi Arabia and China could partner on solar energy