Saudi Arabian Oil Firm (Aramco) and a world investor consortium, led by associates of BlackRock and Hassana, have closed the lease and leaseback deal beforehand introduced on 6 December 2021
The consortium has acquired 49% stake in Aramco Gasoline Pipelines Firm, a subsidiary of Aramco, for US$15.5bn. The consortium contains main institutional traders together with, amongst others, Keppel Infrastructure Belief, Silk Street Fund and China Retailers Capital.
This long-term funding by the consortium represents additional progress in Aramco’s portfolio optimisation programme and highlights the sturdy funding alternatives introduced by Aramco’s important infrastructure property. It additionally underlines Aramco’s sturdy long-term outlook and the attraction of the dominion of Saudi Arabia to main institutional traders.
Below this association, Aramco Gasoline Pipelines Firm will obtain a tariff payable by Aramco for the required fuel merchandise that move via the community, backed by minimal commitments on throughput. Aramco retains a 51% majority stake in Aramco Gasoline Pipeline Firm, and likewise retains full possession and operational management of the fuel pipeline community. The transaction doesn’t impose any restrictions on Aramco’s manufacturing volumes.
Aramco president and CEO Amin H Nasser mentioned, “The participation of the consortium led by BlackRock and Hassana underlines the attraction of Aramco’s portfolio to main world traders as Saudi Arabia’s financial transformation builds momentum, requiring a strong vitality infrastructure and community which can be important to satisfy the wants of an increasing industrial sector.”
Abdulaziz M Al Gudaimi, Aramco senior vice-president of company growth, mentioned, “The fuel infrastructure transaction with BlackRock and Hassana is a testomony of the connection with the worldwide traders and emphasises fuel as a key pillar to develop in home and worldwide markets.”