Aramco the latest oil co to bring pipeline deal
Saudi Aramco has raised cash from an investor consortium by leasing a section of its pipelines, following a similar deal from Abu Dhabi National Oil Company (Adnoc) last year. Other Middle East oil companies may follow suit amid concerns over the future of the oil prices.
The consortium, led by EIG Global Energy Partners, has formed a new entity called Aramco Oil Pipelines Company (AOPC).
The new entity will lease usage rights of Aramco’s crude oil pipeline network over 25 years.The transaction provides Aramco with upfront proceeds of $12.4bn. In return, AOPC will receive a tariff from Aramco ...