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FinancialNews
10-04-21
Aramco approves USD12.4B leaseback deal
(MENAFN)Aramco confirmed an USD12.4 billion leaseback agreement with a association led by EIG Global Energy Partners in one of the biggest energy infrastructure transactions.
It declared that it shows a continuance of Aramco’s strategy to release the potential of its asset base and maximize value for its shareholders.
A newly-formed unit known as Aramco Oil Pipelines Company will rent usage rights in Aramco’s stabilized crude oil pipelines network for a 25-year period.
In response, Aramco Oil Pipelines Company is going obtain a tariff payable by Aramco for the stabilized crude oil that surges via the network, backed by minimum volume commitments.
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