Aramco will sell a 49 per cent stake in the pipeline for .4 29.4 billion

Aramco's biggest deal since the 2019 IPO

Memorandum of Understanding with US-based EIG Global Energy Partners

Dubai: Saudi oil producer Aramco has agreed to sell a 49 per cent stake in its pipeline for .4 12.4 billion. The stake will be sold to a group led by US-based EIG Global Energy Partners. This is the largest deal since a record .4 29.4 billion IPO in 2019.

According to a statement issued by Aramco, the company will own 51 per cent stake in the pipeline. According to an agreement reached between Aramco and the American group, Aramco's newly formed subsidiary Aramco Oil Pipelines will have a 49 per cent stake and Aramco's pipeline rights for 25 years will be sold.

EIG has invested more than 34 34 billion in energy and energy infrastructure. Abu Dhabi State Investor Mubadala is also considering being part of the deal. Sources close to the deal said BlackRock, an American asset manager, and Brookfield Asset Management, a Canadian company, had dropped out of the bid. Abu Dhabi's National Oil Company (ADNOC) raised billions of dollars in a similar deal two years ago.