UAE's Mubadala may join $12bln Saudi Aramco oil pipelines deal

Bloomberg noted that a final agreement is yet to be reached between the two parties

  
A view of Mubadala Building in Abu Dhabi. Image used for illustrative purpose

A view of Mubadala Building in Abu Dhabi. Image used for illustrative purpose

Mubadala/ Handout via Zawya

Abu Dhabi sovereign investor Mubadala Investment Co is in talks with a lead member of a US-based consortium investing $12.4 billion in Saudi Aramco’s oil pipelines, Bloomberg reported, citing a spokesperson for the UAE fund.

However, Bloomberg noted that a final agreement is yet to be reached between the two parties.

On Friday, the Saudi oil producer agreed to a $12.4 billion deal to sell a 49 percent stake in its pipelines to a consortium led by US-based EIG Global Energy Partners. It is Aramco's largest deal since its record $29.4 billion initial public offering in late 2019.

According to Aramco, sale of its stake in Aramco Oil Pipelines Company will not impede its crude production.

“This transaction will not impose any restrictions on Saudi Aramco’s actual crude oil production volumes that are subject to production decisions by the Kingdom of Saudi Arabia,” Saudi Aramco said in a bourse filing to the Saudi Stock Exchange (Tadawul) on Sunday.

(Writing by Seban Scaria ; editing by Daniel Luiz)

 seban.scaria@refinitiv.com

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