Saudi Aramco concluded a $12.4 billion deal on Friday with a group of investors led by EIG Global Energy Partners that would give the investing group a 49% stake in Aramco's pipeline assets.
The group led by EIG has signed a lease and re-leaseback agreement with Aramco to acquire a stake in Aramco's oil Pipelines, a newly formed entity with rights to 25-year tariff payments for oil transported through Aramco's crude oil pipeline network.
The deal represents a continuation of Aramco's strategy to unleash the potential of its asset base and maximize value for its shareholders.
last month, Aramco said it was betting on an Asian-led energy demand recovery this year after it announced on Sunday a sharp decline in 2020 and slashed its spending plans.
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