A consortium led by EIG Global Energy Partners has closed a deal to buy 49 percent of Aramco's pipelines business for $12.4 billion, according to Reuters.
A global group of investors from China, Saudi Arabia, Korea, the United Arab Emirates and the United States co-invested to acquire the near-half stake in the oil giant.
It included Abu Dhabi's Mubadala Investment Co., Silk Road Fund, Hassana and Samsung Asset Management.
Following the transaction, Aramco will retain a 51 percent ownership stake in Aramco Oil Pipelines, a newly formed entity with rights to 25 years of tariff payments for oil transported through a stabilized crude oil pipeline network. Aramco will also retain full operational control of the asset, according to Forbes. As part of the deal, Aramco signed a 25-year agreement to lease back the pipeline.
“It is a significant milestone that reflects the value of our assets and paves the way forward for our portfolio optimiza