The Strategist

Saudi Aramco sells 49% in its subsidiary

12/07/2021 - 08:15

Saudi oil and gas company Saudi Aramco has agreed to sell 49% in its new subsidiary Aramco Gas Pipelines Company to a consortium led by BlackRock Real Assets in a deal worth $15.5 billion, the company said in a statement.

Maureen via flickr
Maureen via flickr
"Saudi Aramco signed a 15.5 billion USD agreement to lease and lease back the (company's) gas pipeline system with a group of companies led by Hassana Investment Company and BlackRock Real Assets," the statement reads.

Within the agreement, the new Aramco Gas Pipelines Company will receive a 20-year leaseback of Saudi Aramco's gas pipeline structure, the company noted. Aramco will get a 51% stake in the new company and a consortium led by BlackRock will get 49%, the release said.

Saudi Aramco, Saudi Arabia's national oil and gas company, was founded in 1933. The company has a presence in the world's three major energy markets in Asia, Europe and North America. It employs over 70,000 people