Saudi Aramco announces completion of share sale worth $12.4 billion

Saudi Aramco has announced the completion of a $12.4 billion sale in its natural gas pipeline to an international investor consortium.

The consortium consists of a broad cross-section of investors from North America, Asia and the Middle East, in which it acquired a 49-percent stake in Aramco Oil Pipelines Co, the Saudi Press Agency (SPA) reported on Saturday

As part of the transaction, first announced in April 2021, Aramco and its subsidiary entered into a 25-year leaseback agreement for the oil giant’s stabilised crude oil pipelines network, Xinhua news agency quoted the SPA as saying.

Aramco Oil Pipelines Co. will receive a tariff payable by Aramco for stabilised crude oil flows, backed by minimum volume commitments.