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Mubadala Investment Co. might join a consortium in a $12.4 billion worth deal to buy a 49% stake in Saudi Aramco’s oil pipelines venture, Al Sharq TV reported, citing the company spokesperson.
Mubadala is having talks with the consortium, led by US-based EIG Global Energy Partners (EIG), but no final agreement is reached yet, the spokesperson added.
According to data compiled by Argaam, Saudi Aramco signed, on April 9, 2021, a deal with EIG-led consortium to optimize its assets through a lease-and-lease-back agreement involving its stabilized crude oil pipeline network.
As part of the transaction, a newly-formed Aramco subsidiary, Aramco Oil Pipelines Company, will lease usage rights in the oil giant’s stabilized crude oil pipelines network for a 25-year period.
Meanwhile, Aramco will hold a 51% majority stake in the new company and the EIG-led consortium will hold a 49% stake.
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