Mubadala joins investor group looking to take stake in Aramco’s crude oil pipeline

aramco oil group pipeline stake
Gulf
  • Date: 06/14/2021
  • Source: Arabian Business
  • Sector: Oil & Gas
  • Country: Gulf

Mubadala joins investor group looking to take stake in Aramco’s crude oil pipeline

Abu Dhabi's Mubadala Investment Company joined the EIG Global Energy Partners-led group for the deal that is expected to help Saudi Aramco monetise its pipeline assets Abu Dhabi's state-owned Mubadala joined the group looking to purchase Saudi Aramco's stake in newly-formed crude oil pipeline entity, Arabian Business's sister publication Oil & Gas Middle East reported on Sunday. Mubadala Investment Company joined the EIG Global Energy Partners-led group for the deal that is expected to help Saudi Aramco monetise its pipeline assets. "We are capitalizing on new opportunities that also align strategically with the Kingdom's recently-launched Shareek program. Aramco's strong capital structure will be further enhanced with this transaction, which in turn will help maximize returns for our shareholders," said Aramco president and CEO Amin Nasser. The group will acquire a 49 percent equity stake in Aramco Oil Pipelines Co., a newly formed entity with rights to 25 years of rate payments for oil shipped through the Saudi oil giant's network of conduits Oil & Gas reported that the deal worth $12.4 billion agrees ownership of 49 percent of the pipeline, Saudi Aramco, however, will retain a 51 percent stake in the new company, which is valued at around $25.3 billion.…