Abu Dhabi Crude Oil Pipeline (ADCOP) issued a $3 billion bond on Monday, Zawya reports.

The bond offering was over subscribed, receiving over $11 billion in offers, according to The National.

It is not clear how the funds will be used.

The pipeline company is completely owned by the Abu Dhabi National Oil Company (ADNOC). The bond issue is part of the larger ADNOC Group’s efforts to revise its capital structure in order to free up capital, according to Reuters. 

ADCOP operates a 406-kilometer pipeline from Abu Dhabi to the Fujairah export terminal, according to Zawya.

“The pipeline has been operating since 2012, and in 2016 it had an average throughput of approximately 615,000 barrels per day, bpd. The pipeline is designed to transport 1.5 million barrels per day of crude oil, with the ability to increase its capacity to 1.8 million barrels per day through the use of drag-reducing agents,” the UAE Minister of State and the CEO of the ADNOC Group, Sultan Ahmed El Jaber, said.
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In addition to the bond offering, the ADNOC group is planning to sell a stake in its gasoline retail operation, ADNOC Distribution, next month as part of its new capital-utilization strategy.