BlackRock-led group of investors wins $15.5-billion Saudi Aramco deal
A group led by BlackRock agreed to invest $15.5 billion in Saudi Arabian Oil Company’s natural gas pipelines as the world’s largest crude exporter looks to fund a massive increase in production capacity.
The group will buy a 49 per cent stake in Aramco Gas Pipelines, a newly formed entity that holds 20-year leasing rights for Aramco’s network of pipelines that ship gas across the country, the oil producer said in an emailed statement Monday. Saudi Arabia’s Hassana Investment will co-lead the consortium of investors alongside BlackRock Real Assets.
The deal is part of Saudi Arabia’s drive to open up to more foreign investment and use the proceeds to diversify its economy while also increasing output of both oil and gas.
