Dhahran - Saudi Aramco and an international consortium of investors, including EIG and Mubadala Investment Company, announced the completion of the consortium's acquisition of a 49% stake in Aramco Crude Oil Supply Company, one of Saudi Aramco's recently established subsidiaries, for 12.4 billion The consortium includes a wide range of investors from North America, Asia, and the Middle East.

This long-term investment by the consortium underscores the investment opportunity offered by Saudi Aramco's globally important pipelines, the company's strong long-term aspirations, and the Kingdom's being an attractive and desirable destination for institutional investors.

As part of the deal, which was announced in April 2021, Aramco Crude Oil Supply Company and Saudi Aramco entered into a 25-year lease and re-lease agreement for Saudi Aramco's crude oil pipeline network.

In return, Aramco Crude Oil Supply Company will, in turn, receive a tariff paid by Saudi Aramco for the quantities of crude oil that flow through the network, and this tariff is linked to a minimum size of those quantities, and Saudi Aramco will retain a majority stake of 51% in the new company.

Saudi Aramco will retain full ownership of the pipeline network with full operational control over it, and this transaction will not impose any restrictions on the company in terms of the amount of actual crude oil production that is subject to production decisions made by the Kingdom of Saudi Arabia.

On this occasion, the President and Chief Executive Officer of Saudi Aramco, Amin bin Hassan Al-Nasser, expressed his happiness to conclude this deal with the international consortium, pointing out that the interest in participation received by the company from investors is evidence of the strong confidence in its business and its long-term sustainability and positive outlook on its prospects. This deal also reflects the great value of Aramco's assets and represents one of the most important historical moments in Saudi Aramco's journey to develop its business portfolio and investment projects and achieve growth opportunities.

Al-Nasser affirmed that Saudi Aramco will continue its plans to explore opportunities to benefit from its leading capabilities in the energy industry, and to attract the most appropriate type of investments to the Kingdom, which is also strategically compatible with the “Shareek” program initiative.

For his part, the Senior Vice President for Institutional Development in Saudi Aramco, Engineer Abdulaziz bin Muhammad Al-Qudimi, confirmed that the interest that Saudi Aramco received in this deal is evidence of the continued confidence of investment institutions in it, and also sets a new standard for infrastructure deals worldwide, and this deal will depend on Saudi Aramco's high-level pipeline infrastructure to achieve added value and enhance the level of returns for shareholders, which enhances the company's flexibility and ability to adapt in light of market changes.

For his part, Chairman and CEO of (EIG), Robert Blair Thomas, noted that this is the most prominent global infrastructure deal, expressing his happiness with the interest from many prominent international investors.