Saudi Aramco signs gas pipeline deal
Print Edition
Saudi Aramco said it has signed a US$15.5 billion lease and leaseback deal for its gas pipeline network with a consortium led by BlackRock Real Assets and Hassana Investment Company in its second major infrastructure deal this year.
Under the new deal, a newly formed subsidiary, Aramco Gas Pipelines Co, will lease usage rights in Aramco’s gas pipeline network and lease them back to Aramco for a 20-year period, the Saudi oil firm said.
In return, Aramco Gas Pipelines Co will receive a tariff payable by Aramco for the gas products that flow through the network, backed by minimum commitments on throughput.
Aramco will hold a 51 percent stake in Aramco Gas Pipeline Co and sell a 49 percent stake to investors led by BlackRock and Hassana, a Saudi state-backed investment management firm.
“With gas expected to play a key role in the global transition to a more sustainable energy future, our partners will benefit from a deal tied to a world-class gas infrastructure asset,” Aramco president and CEO Amin Nasser said in a statement.
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