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  • 08-12-21

    Saudi Aramco signs 15.5USD lease deal to sell its share

    (MENAFN) According to Saudi Aramco announcement on Monday, the oil company inked a USD15.5 billion lease and leaseback agreement to sell 49 percent of its share in its gas pipeline net to a group ran by BlackRock Real Assets and state-supported Hassana Investment Corporation.

    BlackRock Real Asset is a division of an asset management company BlackRock located in the US and Hassana is the investment management support of the General Organization for Social Insurance (GOSI) in KSA.

    Aramco is going to have a 51 percent stake in its newly-established subdivision Aramco Gas Pipelines Corporation, which is going to lease usage rights in Aramco's gas pipeline net and lease them back to Aramco for a time span of 20 years.

    Aramco is going to keep on preserving full possession and operational management of its gas pipeline net and the transaction are not going to force any constraints on Aramco's output capacities.

    MENAFN08122021000045013568ID1103323843

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