The oil giant Aramco closes $12.4 billion deal with global investor consortium which includes EIG and Mubadala.
The consortium consists of investors from Asia, North America and the Middle East.
Aramco Oil Pipelines had announced in 2021 that it had entered into a 25-year lease and leaseback agreement for Aramco’s stabilized crude oil pipelines network.
Aramco Oil Pipelines Company will receive a tariff payable by Aramco for stabilized crude oil flows, backed by minimum volume commitments. Aramco continues to hold a 51% majority stake in Aramco Oil Pipelines Company and retains full ownership and operational control of its stabilized crude oil pipeline network.
The transaction does not impose any restrictions on Aramco’s actual crude oil production volumes, which are subject to production decisions made by the Kingdom.
The President & CEO of Aramco Amin H. Nasser, said:
“We are pleased to conclude this transaction with the global consortium. The interest we have received from investors shows strong confidence in our operations and the long-term outlook for our business.
“It is a significant milestone that reflects the value of our assets and paves the way forward for our portfolio optimisation strategy. We plan to continue to explore opportunities to capitalize on our industry-leading capabilities and attract the right type of investment to Saudi Arabia.”
The Senior Vice President of Corporate Development of Aramco Abdulaziz M. Al Gudaimi, said:
“The interest we received for this deal is evidence of continued confidence in our Company from institutional investors and sets a new benchmark for infrastructure transactions globally.
“This transaction utilizes our world-class pipeline infrastructure to create additional value for our shareholders, reinforcing our Company’s resilience and ability to adapt in a rapidly changing business environment.”
