Aramco sells shares in pipeline arm for $15.5 bln

Saudi Aramco has sold a 49% stake in subsidiary Aramco Gas Pipelines Company for USD 15.5 billion to an international consortium, the Saudi NOC announced on Wednesday.

The consortium led by affiliates BlackRock and Hassana Investment Company include Keppel Infrastructure Trust, Silk Road Fund and China Merchants Capital, among others.

The transaction was first announced in December 2021 and involves Saudi Aramco entering a 20-year lease and leaseback arrangement with its pipeline arm. Aramco Gas Pipelines Company will receive a tariff payable by Saudi Aramco for specific gas products transported through the pipelines.

Saudi Aramco retains the majority 51% share of the company and remains its operator.

In closing the deal, the NOC also signed an MoU with BlackRock for development of energy transition projects.

Source: Aramco sells shares in pipeline arm for $15.5 bln – The Energy Year