Saudi Arabian Oil Company (Aramco) and an international investor consortium, led by affiliates of BlackRock and Hassana, have announced the successful closing of the lease and leaseback deal previously announced on 6 December 2021. The consortium has acquired a 49% stake in Aramco Gas Pipelines Company, a subsidiary of Aramco, for US$15.5 billion. The consortium comprises leading institutional investors including, amongst others, Keppel Infrastructure Trust, Silk Road Fund, and China Merchants Capital. As part of the transaction, first announced in December 2021, Aramco Gas Pipelines Company and Aramco entered into a 20 year lease and leaseback arrangement in connection with Aramco's gas pipeline network. Under this arrangement, Aramco Gas Pipelines Company will receive a tariff payable by Aramco for the specified gas products that flow through the network, backed by minimum commitments on throughput. Aramco retains a 51% majority stake in Aramco Gas Pipeline Company, and also retains full ownership and operational control of the gas pipeline network. The transaction does not impose any restrictions on Aramco's production volumes.
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