Aramco Closes $12 Billion Pipeline Deal With China, UAE Backing

Aramco Closes $12 Billion Pipeline Deal With China, UAE Backing

(Bloomberg) --

China's Silk Road Fund and Hassana Investment Co., controlled by the Saudi Arabian government, joined a group investing $12.4 billion in Saudi Aramco's oil pipelines.

The consortium, led by U.S. firm EIG Global Energy Partners LLC, has now closed a deal to acquire a 49% equity stake in Aramco Oil Pipelines Co., a new subsidiary, according to an emailed statement. The group includes Abu Dhabi sovereign wealth fund Mubadala Investment Co. and Samsung Asset Management. Abu Dhabi is the capital of the United Arab Emirates and, along with Saudi Arabia, a key member of the Organization of Petroleum Exporting Countries cartel.