Aramco signs $12.4 bln pipeline deal with EIG-led consortium
Saudi oil giant Aramco on Friday entered into a $12.4 billion deal with a consortium of investors led by EIG Global Energy Partners that would give the investor group a 49% stake in Aramco’s pipeline assets, the two companies said.
This is the first major deal by Aramco since its listing in late 2019 when the Saudi government sold a minority stake in the firm for $29.4 billion in the world’s biggest initial public offering.
The EIG-led group signed a lease and lease-back agreement with Aramco, acquiring the equity stake in the newly formed Aramco Oil Pipelines Co, with rights to 25-years of tariff payments for oil transported through Aramco’s crude oil pipeline network, it said in a statement. Aramco will own 51% stake in the new company.
