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Aramco Raises $12B-Plus in Oil Pipeline Deal with EIG-Led Consortium
Saudi Arabia Oil Co., better known as Aramco, has struck a $12.4 billion transaction to sell a minority stake in its oil pipeline operations to a consortium led by U.S.-based EIG Global Energy Partners.
The global investment group agreed to take 49% equity interest in newly created Aramco Oil Pipelines Co. Aramco today operates more than 90 pipelines across the country. The consortium also secured rights to 25 years of tariff payments for oil transported through the system.
Aramco would hold a 51% majority stake in the pipeline unit, which includes all of the existing and future crude pipelines in the Kingdom; it also transports 100% of the crude produced.
JEDDAH: Nusaned Investment, the localization initiative from Saudi Basic Industries Corp (SABIC), was set up in 2018 as part of the Kingdom’s Vision 2030 plan to diversify the non-oil economy by encouraging the growth of local companies and small and medium-sized enterprises (SMEs) in the industrial sector.
“We connect potential investors to the program,” Faisal Al-Buhair, vice president local content and business development and CEO of Nusaned, told Arab News. “Once they register with the Entema platform, which is the opportunity gate at Nusaned, we take them through the investor’s journey.”
Last year 106 Saudi entrepreneurs qualified for Nusaned’s program. The screening of proposed investments is an important step in ensuring that the program focuses on the right candidates and those with the ability to scale up and have national impact.
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DUBAI (Reuters) - Saudi Basic Industries Corp (SABIC) has selected HSBC and Morgan Stanley to work on the planned initial public offering (IPO) of its specialty chemicals business, two sources familiar with the matter said.
SABIC, the world’s fourth-biggest petrochemicals firm, hired Saudi investment bank NCB Capital earlier this year to work on the public share sale, which sources said could raise several hundred million dollars.
The specialty chemicals business brings in about $2 billion in sales each year for SABIC, which is controlled by state oil giant Saudi Aramco, one of the sources, and a third source, said.
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