A fund managed by BlackRock’s diversified infrastructure team has purchased a minority ownership stake in the Saudi Bahrain Pipeline Company (SBPC) from Bapco Energies, an integrated energy company in the Kingdom of Bahrain.
SBPC owns part of the 112-kilometer (70-mile) pipeline that supplies crude oil from Saudi Aramco to Bapco Refining, Bahrain's national refinery and a subsidiary of Bapco Energies.
Financial terms of the transaction were not disclosed. However, Gibson Dunn, which advised BlackRock on the financing aspects of its acquisition, said Bapco Energies is retaining majority ownership and governance over SBPC and will use the proceeds from the transaction for Bapco Energies capital.
The transaction represents Bapco Energies’ first asset monetization and reflects BlackRock’s commitment to investing in the Kingdom of Bahrain, which has a target of net-zero emissions by 2060.
“As we strive in Bapco Energies to