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SAUDI ARABIAN OIL COMPANY

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Abu Dhabi's Mubadala joins EIG-led consortium buying Aramco pipeline stake

06/08/2021 | 12:26pm EDT

DUBAI, June 8 (Reuters) - Abu Dhabi state investor Mubadala said on Tuesday it has joined a consortium led by U.S.-based EIG Global Energy Partners that had agreed to buy a 49% equity stake in Aramco Oil Pipelines Co.

Aramco in April agreed to sell a minority stake in its pipelines for $12.4 billion to a consortium led by EIG, the company's largest deal since its record $29.4 billion initial public offering in late 2019.

Aramco will keep 51% of the newly formed Aramco Oil Pipelines Co which has the rights to 25 years of tariff payments for oil carried on Aramco's pipelines.

Mubadala in statement to Reuters did not disclose how much it would invest in the deal.

Sources had told Reuters earlier that EIG was in talks to sell part of the equity portion to buyers including Mubadala, Chinese investors, pension funds in Saudi Arabia and the UAE, as well as a small piece to U.S. pension funds, the source added.

The deal is backed by staple financing of $10.5 billion provided by international and regional banks. (Reporting by Saeed Azhar; Editing by Jan Harvey and Richard Chang)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
EURO / DIRHAM (EUR/AED) -0.16% 4.3684 Delayed Quote.-2.81%
LONDON BRENT OIL -0.45% 74.5 Delayed Quote.42.48%
SAUDI ARABIAN OIL COMPANY -0.14% 35.25 End-of-day quote.0.71%
US DOLLAR / DIRHAM (USD/AED) 0.00% 3.6728 Delayed Quote.0.00%
WTI -0.45% 72.693 Delayed Quote.49.08%
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Financials
Sales 2021 1 307 B 349 B 349 B
Net income 2021 352 B 93 993 M 93 993 M
Net Debt 2021 303 B 80 890 M 80 890 M
P/E ratio 2021 20,0x
Yield 2021 4,01%
Capitalization 7 056 B 1 881 B 1 882 B
EV / Sales 2021 5,63x
EV / Sales 2022 5,33x
Nbr of Employees 79 000
Free-Float 1,76%
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Technical analysis trends SAUDI ARABIAN OIL COMPANY
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TrendsBearishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 17
Average target price 34,65 SAR
Last Close Price 35,30 SAR
Spread / Highest target 13,3%
Spread / Average Target -1,83%
Spread / Lowest Target -32,0%
EPS Revisions
Managers and Directors
NameTitle
Amin bin Hasan Al-Nasser President, CEO & Executive Director
Khalid Hashim Al-Dabbagh Senior VP-Finance, Strategy & Development
Yasir bin Othman Al-Rumayyan Chairman
Ahmad Abdul Rahman Al-Sa'adi Senior Vice President-Technical Services
Ziad Thamer Al-Murshed Vice President-International Operations
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