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Saudi Aramco sells 49% stake in pipeline venture for $12.4bn

Saudi Aramco employees [Notizie Economiche/Twitter]
Saudi Aramco employees, 14 November 2017 [Notizie Economiche/Twitter]

Saudi oil company Aramco signed a $12.4 billion deal for the sale of a 49 per cent stake in a newly formed oil pipeline venture to a consortium led by Washington-based EIG Global Energy Partners, the UK-based energy agency Argus Media reports.

The agreement is Aramco's largest since its 2019 listing on the Tadawul (Saudi Stock Exchange) when it raised more than $29 billion.

The new venture, Aramco Oil Pipelines Company, will lease usage rights in the state oil company's stabilised crude oil pipeline network for 25 years.

According to Bloomberg Energy, UAE sovereign wealth fund Mubadala may also join a group investing $12.4 billion in Saudi Aramco's oil pipeline.

READ: Saudi Aramco to prioritise energy supply to China for 50 yrs, says CEO

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