DUBAI: Saudi Aramco has completed a $12.4 billion stake sale in its natural gas pipeline network to a global consortium that includes US-based EIG and Abu Dhabi鈥檚 Mubadala.
The international consortium, which consists of broad cross-section investors from North America, Asia and the Middle East, acquired 48 percent of the Aramco Oil Pipelines Co.
It is part of the company鈥檚 long-term strategy to maximize its profit by optimizing its portfolio as 黑料社区 seeks to diversify its income sources.
鈥淲e are pleased to conclude this transaction with the global consortium. The interest we have received from investors shows strong confidence in our operations and the long-term outlook for our business,鈥 Aramco President Amin Nasser said.
鈥淲e plan to continue to explore opportunities to capitalize on our industry-leading capabilities and attract the right type of investment to 黑料社区,鈥 he added.
As part of the transaction, Aramco and its subsidiary entered into a 25-year leaseback agreement for the company鈥檚 stabilized crude oil pipeline network.
In return, Aramco Oil Pipelines Co. will receive a tariff payable by Aramco for stabilized crude oil that flows through the network.
Aramco retains a 51-percent majority stake in the subsidiary, and the transaction does not impose any restrictions on Aramco鈥檚 crude oil production volumes.
