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Saudi Aramco signed a $12.4 billion deal for the sale of a 49 per cent stake in a newly formed oil pipeline venture to a consortium led by Washington-based EIG Global Energy Partners.
The agreement is Aramco s largest since its 2019 listing on the Tadawul exchange, when it raised more than $29bn.
The new venture, Aramco Oil Pipelines Company, will lease usage rights in the state oil company s stabilised crude oil pipeline network, which connects oilfields to the downstream network, for 25 years.
The subsidiary will receive a tariff from Aramco for oil that flows through the network, backed by minimum volume commitments.
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Saudi Aramco, the world s top crude exporter, signed a $12.4 billion deal on Friday with a group of investors led by EIG Global Energy Partners (EIG) that gives the consortium a 49 per cent stake in a newly formed oil pipeline venture.
The agreement, which aims to monetise the assets of the state-oil giant, is its largest since the company’s 2019 listing on the Tadawul exchange that raised over $29bn.
A newly formed Aramco subsidiary, Aramco Oil Pipelines Company, will lease usage rights in Aramco’s stabilised crude oil pipelines network, which connect oilfields to the downstream network, for a 25-year period, the company said in a statement. Aramco Oil Pipelines Company will receive a tariff payable by Aramco for the oil that flows through the network, backed by minimum volume commitments.