Saudi Aramco has completed the sale of a 49% stake in its pipelines unit for US$12.4bn (£8.9bn) to a group led by EIG.
The sale gives Aramco Oil Pipelines a total value of US$25.3bn (£18.2bn), with the buyers including Mubadala Investment, the Silk Road Fund, Hassana, Samsung Asset Management and EIG.
Aramco claims the deal was one of the world’s largest in energy infrastructure and is part of the company’s strategy to “unlock value and maximise shareholder returns.”
The remaining 51% stake and operational control will remain with Aramco, who will pay a tariff to the pipeline company for crude flows, backed by minimum volume commitments.