EIG Global Energy Partners, Samsung Asset Management Co., Ltd., Hassana Investment Company, Silk Road Fund, managed by The Silk Road Fund Co Ltd., Mubadala Investment Company PJSC, Abu Dhabi Sovereign Investor and ACWA Holding Company completed the acquisition of 49% stake in Aramco Oil Pipelines Company from Saudi Arabian Oil Company.
June 16, 2021
Share
EIG Global Energy Partners, Samsung Asset Management Co., Ltd., Hassana Investment Company, Silk Road Fund, managed by The Silk Road Fund Co Ltd., Mubadala Investment Company PJSC, Abu Dhabi Sovereign Investor and ACWA Holding Company signed an agreement to acquire 49% stake in Aramco Oil Pipelines Company from Saudi Arabian Oil Company (SASE:2222) for SAR 46.5 billion on April 9, 2021. The consideration shall be paid in cash. EIG led the investment. Immediately prior to completion of the transaction, Saudi Aramco will lease for a 25-year period the usage rights in its stabilized crude oil pipelines network to Aramco Oil Pipelines Company. Standard Chartered Bank has provided debt and worked as financial investor to Vision International Investment. Saudi Arabian Oil Company will continue to retain full ownership and operational control of its pipeline network. The transaction is subject to customary closing conditions, including any required merger control and related regulatory approvals. The proceeds from the sale will be used for general corporate purposes. HSBC Bank plc acted as financial advisor and Latham & Watkins LLP acted as legal advisor for EIG. Ashish Adya, Kamal Khullar, Nikhil Joshi, Mike Ryu, Dolly Meena, Jaymi Chung, Yousra Kandri Rodi and Beryl Xu of Standard Chartered Bank acted as financial advisor to ACWA Holding Company (also known as Vision International Investment Company).
EIG Global Energy Partners, Samsung Asset Management Co., Ltd., Hassana Investment Company, Silk Road Fund, managed by The Silk Road Fund Co Ltd., Mubadala Investment Company PJSC, Abu Dhabi Sovereign Investor and ACWA Holding Company completed the acquisition of 49% stake in Aramco Oil Pipelines Company from Saudi Arabian Oil Company (SASE:2222) on June 17, 2021.
Saudi Arabian Oil Company, also known as Saudi Aramco, is a Saudi Arabia-based integrated oil and gas company. The Companyâs primary operating segments are the Upstream segment and the Downstream segment. The Upstream segmentâs activities consist of exploring for, developing and producing crude oil, condensate, natural gas and natural gas liquids (NGLs). The Downstream segmentâs activities consist primarily of refining and petrochemical manufacturing, supply and trading, distribution and power generation. The Downstream segmentâs other business activities include base oils, lubricants and retail operations. The Companyâs chemicals business spans from production of basic chemicals, such as aromatics, olefins and polyolefins to complex products, such as polyols, isocyanates and synthetic rubber. The Company is represented in three global energy markets of Asia, Europe and North America.
EIG Global Energy Partners, Samsung Asset Management Co., Ltd., Hassana Investment Company, Silk Road Fund, managed by The Silk Road Fund Co Ltd., Mubadala Investment Company PJSC, Abu Dhabi Sovereign Investor and ACWA Holding Company completed the acquisition of 49% stake in Aramco Oil Pipelines Company from Saudi Arabian Oil Company.