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BlackRock Is Ready To Invest In U.S. Energy Pipelines

The world’s biggest asset manager, BlackRock, is prepared to invest in energy pipelines in the United States as soon as such projects get the green light from the government, BlackRock’s chief executive Larry Fink said on Wednesday.  

The top executive of BlackRock – which has faced criticism from both environmental campaigners for still investing in conventional energy and Republican-led U.S. states for what they see as a boycott of the U.S. energy industry – defended the asset manager’s investment choices at a conference in Washington.    

“I'm now being attacked equally by the left and the right so I'm doing something right, I hope. I don't know. It's painful, but you know what? We're moving forward,” Fink said at the Institute of International Finance conference, as carried by Reuters.

In the pipeline business, BlackRock is invested in energy infrastructure in Texas and the Middle East.

Early this year, a consortium led by affiliates of BlackRock and Hassana acquired a 49% stake in Aramco Gas Pipelines Company, a unit of the world’s biggest oil firm Saudi Aramco. In 2019, BlackRock made an investment in the oil pipeline infrastructure of the Abu Dhabi National Oil Company (ADNOC).

Meanwhile, multiple U.S. states governed by Republicans are withdrawing state funds from BlackRock’s management, as they disapprove of the ESG investment policies of the world’s top asset manager. In recent weeks, Louisiana, South Carolina, Utah, and Arkansas have announced they would divest funds from BlackRock totaling more than $1 billion.

Last week, Louisiana State Treasurer John Schroder announced in a letter to BlackRock’s Fink that he would divest all Treasury funds from BlackRock. Louisiana has removed $560 million to date and will pull out a total of $794 million by year’s end, Schroder noted.

For months now, Republican states have said they would no longer do business with asset managers who have ESG-aligned investment policies, which, the states say, show that those financial firms are boycotting the oil and gas industry.

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By Tsvetana Paraskova for Oilprice.com

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  • Ian St. John on October 13 2022 said:
    Not a good investment strategy to my viewpoint. Oil pipelines take four to ten decades to 'pay off' their construction costs and that is assuming the demand increases to ensure that they are almost always full. With the energy transition and no obvious lack of capacity today, why?

    The environmentalists (not "the left") will attack on the basis of why waste money trying to subsidize the fossil fuel industry that we need to reduce.

    The business community (not the right) will attack it based on poor investment wasting capital that is needed elsewhere.

    It is easy to be attacked from all sides when you are being dim.
  • Barry J Blank Jr. on October 13 2022 said:
    I hope I am wrong with this prediction, but wouldn't it be a good strategy as an investment company looking to further its ESG goals to buy up as much stake in the companies that go against your goals, and to buy up as much stake in industries that do the same, so when you want to make things go the way you want them to, you have the controlling power to do so without any resistance? The free market has the power to stop this type of insidious, hostile acquisition of power, if the companies with the stock have the guts to stay away from investors looking to harm or destroy the industries we need and have the responsibility to do their due diligence when stock sales are made to third parties acting on behalf of the investors with harmful intent.

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