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Aramco agrees to US$12.4 billion deal to sell stake in pipelines
The logo of Aramco is seen at the Plaza Conference Center in Dhahran, Saudi Arabia on Nov 3, 2019. (Photo: Reuters/Hamad I Mohammed)
11 Apr 2021 07:55AM (Updated:
11 Apr 2021 08:00AM) Share this content
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DUBAI: Saudi oil producer Aramco has agreed to a US$12.4 billion deal to sell a 49 per cent stake in its pipelines to a consortium led by US-based EIG Global Energy Partners.
Announced late on Friday (Apr 9), it is the company s largest deal since its record US$29.4 billion initial public offering in late 2019.
Saudi oil producer Aramco has agreed a $12.4 billion deal to sell a 49% stake in its pipelines to a consortium led by U.S.-based EIG Global Energy Partners. Announced late on Friday, it is the company s largest deal since its record $29.4 billion initial public offering in late 2019. The lease and leaseback agreement includes a 49% stake of newly formed Aramco Oil Pipelines Co and rights to 25 years of tariff payments for oil carried on Aramco s pipelines, it said in a statement. Aramco will retain a 51% stake in the new company. EIG, which has invested more than $34 billion in energy and energy infrastructure, was the deal s underwriter and will work with Aramco in the coming days to decide on other parties for the consortium, a source familiar with the deal said.
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DUBAI (Reuters) - Saudi oil producer Aramco has agreed a $12.4 billion deal to sell a 49% stake in its pipelines to a consortium led by U.S.-based EIG Global Energy Partners.
Announced late on Friday, it is the company s largest deal since its record $29.4 billion initial public offering in late 2019.
The lease and leaseback agreement includes a 49% stake of newly formed Aramco Oil Pipelines Co and rights to 25 years of tariff payments for oil carried on Aramco s pipelines, it said in a statement.
Aramco will retain a 51% stake in the new company.
EIG, which has invested more than $34 billion in energy and energy infrastructure, was the deal s underwriter and will work with Aramco in the coming days to decide on other parties for the consortium, a source familiar with the deal said.
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