Saudi Aramco closed a deal to sell a stake in its natural-gas pipelines for $15.5bn and entered into a pact with BlackRock Inc. to explore low carbon energy projects.
An investor group, led by BlackRock, acquired a 49% stake in Aramco Gas Pipelines Co. in a lease and leaseback deal in December, according to a statement. The consortium also comprised Keppel Infrastructure Trust, Silk Road Fund, China Merchants Capital, and Saudi Arabia’s state-owned Hassana Investment Co.
The deal is part of Saudi Arabia’s drive to sell assets and use the money to fund new industries from artificial intelligence to electric vehicles, while also increasing output of both oil and gas. In a similarly-structured transaction in April, Aramco sold a $12.4 billion stake related to its oil pipelines to investors including Washington-based EIG.
Read more: OGV
