Aramco signs $12.4 billion pipeline deal with EIG-led consortium By Reuters – Investing.com UK

Aramco signs $12.4 billion pipeline deal with EIG-led consortium By Reuters – Investing.com UK

© Reuters. FILE PHOTO: A view shows branded oil tanks at Saudi Aramco oil facility in Abqaiq

By Saeed Azhar DUBAI (Reuters) -Saudi oil producer Aramco (SE:) 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. Abu Dhabi state investor Mubadala is in discussions on being part of it, a spokesman said. Aramco will retain operational control of the pipeline network and assume all operating and capital expense risk, the companies said. The deal will have