A consortium led by U.S.-based EIG Global Energy Partners along with China's Silk Road Fund and Hassana Investment Co controlled by the Saudi government has invested $12.4 billion in Aramco's oil pipelines.
While the consortium has closed the deal to acquire 49 percent of the equity stake in the new subsidiary, Aramco Oil Pipelines Co, the oil major will retain ownership of the other 51 percent of the shares.
Saudi Aramco, the biggest oil producer in the world, will retain title and operational control of the pipeline network and has completed all closing conditions for the deal including all required merger control and related approvals.
Other members of the consortium include Samsung Asset Management as well as Abu Dhabi wealth fund Mubadala.
According to Bloomberg, the oil giant will look at options to raise money from a deal for its natural gas pipelines, as part of a plan to sell non-core assets.
In the second week of June, Aramco raised $6 billion to help fund a large dividend in its first U.S. dollar-denominated sukuk sale.
The state run oil producer saw its 2021 Q1 profit rising by 30 percent after a rally in global oil prices. It's net income for the quarter was 78.6 billion riyals ($21 billion).
(Writing by Seban Scaria; editing by Anoop Menon)
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