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The consortium is led by US-based energy investment firm EIG
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Aramco will retain the remaining 51% stake in the pipeline entity
The 49% stake in Aramco Oil Pipelines Company, from which the Saudi Arabian Oil Company or Aramcolooks to make gains of $12.4 billion, has a new taker in the form of the Abu Dhabi-based sovereign investment company Mubadala, said local reports on Wednesday, June 9.
The sovereign wealth fund has joined the consortium that is looking to acquire the aforementioned stake in Aramco Oil Pipelines Company.
The consortium, incidentally, is led by United States-based investment firm EIG.
Mubadala was quoted as saying in a statement that Aramco — currently the third-wealthiest company in the world — will retain the remaining 51% stake in the new entity.
Aramco Oil Pipelines Company has rights to 25years of tariff payments for oil transported through Aramco’s stabilized crude oil infrastructure network, backed by minimum-volume commitments.
Aramco will continue to retain the title to, and operational control of, the network, said the reports.
They added that the transaction will not impose any restrictions on Aramco’s actual crude oil production volumes, which are subject to production decisions issued by the Kingdom of Saudi Arabia.
