RIYADH: A multi-bank consortium has agreed $13.4 billion of financing to purchase a stake in Saudi Aramco's gas pipelines, Alarabiya reported citing unnamed sources. 

A total of 19 banks were involved in the deal, led by BlackRock Real Assets and Hassana Investment Co., and including HSBC, JP Morgan, BNP Paribas, Societe Generale, Citibank, Credit Agricole.

Three Gulf banks participated in the deal including First Abu Dhabi Bank, Riyad Bank and Abu Dhabi Commercial Bank.

Pricing for the 7-year financing will start at 50 basis points and increase annually to 175 basis points by the end of the financing period, according to Alarabiya 

Earlier last month, the Saudi oil giant completed a deal to sell a 49 percent stake in its natural-gas pipelines for $15.5 billion to the consortium. 

Copyright: Arab News © 2022 All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).