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Under the deal, Aramco will lease the usage rights of its pipelines to a consortium of investors led by EIG through the newly formed Aramco Oil Pipelines Company.
Saudi oil giant Aramco on Friday entered into a $12.4 billion deal with a consortium of investors led by EIG Global Energy Partners that would give the investor group a 49% stake in Aramco's pipeline assets, the two companies said. This is the first major deal by Aramco since its listing in late 2019 when the Saudi government sold a minority stake in the firm for $29.4 billion in the world's biggest initial public offering. The EIG-led group signed a lease and lease-back agreement with Aramco, acquiring the equity stake in the newly formed Aramco Oil Pipelines Co, with rights to 25-years of tariff payments for oil transported through Aramco's crude oil pipeline network, it said in a statement.