Saudi Aramco Completes Sale Of Stake In Pipeline Unit For $12.4 Billion To EIG-Led Consortium

Saudi Aramco Completes Sale Of Stake In Pipeline Unit For $12.4 Billion To EIG-Led Consortium

Amin H. Nasser, president and CEO of Saudi Aramco, delivers a speech during the second day of the ... [+] 23rd World Energy Congress at Istanbul Congress Center in Istanbul, Turkey on October 11, 2016. Saudi Aramco said it has completed the sale of its 49% stake in Aramco Oil Pipelines Co. for $12. 4 billion to a consortium led by Washington-based EIG Global Energy Partners as the world's top oil producer steps up fund raising initiatives. The consortium“”which represents a broad section of investors from North America, Asia and the Middle East“”also includes United Arab Emirates sovereign wealth fund Mubadala Investment, the Chinese government's Silk Road Fund and Samsung Asset Management, according to a joint statement issued by Aramco and EIG on Friday. Aramco will retain 51% ownership of Aramco Oil Pipelines“”a newly formed entity with rights to 25 years of tariff payments for oil transported through the energy giant's stabilized crude oil pipeline network“”and full operational control of asset. As part of the transaction, which was first announced in April, Aramco signed a 25-year agreement to lease back the pipeline. The deal does not impose any restrictions on Aramco's actual crude oil production volumes, which is subject to