RIYADH, June 19 (Xinhua) -- Saudi Aramco announced on Saturday the completion of a 12.4-billion-U.S. dollar sale in its natural gas pipeline to an international investor consortium.
The consortium consists of a broad cross-section of investors from North America, Asia and the Middle East, in which it acquired a 49-percent stake in Aramco Oil Pipelines Co, the Saudi Press Agency reported.
As part of the transaction, first announced in April 2021, Aramco and its subsidiary entered into a 25-year leaseback agreement for Aramco's stabilized crude oil pipelines network.
Aramco Oil Pipelines Co. will receive a tariff payable by Aramco for stabilized crude oil flows, backed by minimum volume commitments.
Aramco continues to hold a 51-percent majority stake in the subsidiary and retains full ownership and operational control of its stabilized crude oil pipeline network.
The transaction does not impose any restrictions on Aramco's actual crude oil production volumes, which are subject to production decisions made by the kingdom.
"The interest we have received from investors shows strong confidence in our operations and the long-term outlook for our business," said Aramco President & CEO Eng. Amin H. Nasser.
He said his company would continue to explore opportunities to capitalize on the industry-leading capabilities and attract the right type of investment to Saudi Arabia. Enditem
