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SAUDI ARABIAN OIL COMPANY

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Saudi Arabian Oil : Aramco closes $12.4 billion infrastructure deal with global investor consortium

06/18/2021 | 04:07pm EDT

Aramco and an international investor consortium, including EIG and Mubadala, today announced the successful closing of the share sale and purchase agreement, in which the consortium has acquired a 49% stake in Aramco Oil Pipelines Company, a subsidiary of Aramco, for $12.4 billion.

The consortium consists of a broad cross-section of investors from North America, Asia and the Middle East. This long-term investment by the consortium underscores the compelling investment opportunity presented by Aramco's globally-significant pipeline assets, the Company's robust long-term outlook and the attractiveness of the Kingdom of Saudi Arabia to institutional investors.

As part of the transaction, first announced in April 2021, Aramco Oil Pipelines Company and Aramco entered into a 25-year lease and leaseback agreement for Aramco's stabilized crude oil pipelines network. Aramco Oil Pipelines Company will receive a tariff payable by Aramco for stabilized crude oil flows, backed by minimum volume commitments. Aramco continues to hold a 51% majority stake in Aramco Oil Pipelines Company and retains full ownership and operational control of its stabilized crude oil pipeline network. The transaction does not impose any restrictions on Aramco's actual crude oil production volumes, which are subject to production decisions made by the Kingdom.

Aramco President & CEO, Amin H. Nasser, said: 'We are pleased to conclude this transaction with the global consortium. The interest we have received from investors shows strong confidence in our operations and the long-term outlook for our business. It is a significant milestone that reflects the value of our assets and paves the way forward for our portfolio optimization strategy. We plan to continue to explore opportunities to capitalize on our industry-leading capabilities and attract the right type of investment to Saudi Arabia.'

Abdulaziz M. Al Gudaimi, Aramco Senior Vice President of Corporate Development, said: 'The interest we received for this deal is evidence of continued confidence in our Company from institutional investors and sets a new benchmark for infrastructure transactions globally. This transaction utilizes our world-class pipeline infrastructure to create additional value for our shareholders, reinforcing our Company's resilience and ability to adapt in a rapidly changing business environment.'

R. Blair Thomas, EIG's Chairman & CEO, said: 'We believe this is the marquee infrastructure transaction globally and we are pleased to see that so many leading international investors agree with us.'

Disclaimer

Saudi Aramco - Saudi Arabian Oil Company published this content on 18 June 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 June 2021 20:06:04 UTC.


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Financials
Sales 2021 1 355 B 361 B 361 B
Net income 2021 366 B 97 648 M 97 648 M
Net Debt 2021 268 B 71 550 M 71 550 M
P/E ratio 2021 19,8x
Yield 2021 4,02%
Capitalization 7 006 B 1 868 B 1 868 B
EV / Sales 2021 5,37x
EV / Sales 2022 5,00x
Nbr of Employees 79 000
Free-Float 1,76%
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Mean consensus HOLD
Number of Analysts 17
Last Close Price 35,05 SAR
Average target price 35,19 SAR
Spread / Average Target 0,39%
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Managers and Directors
Amin bin Hasan Al-Nasser President, CEO & Executive Director
Khalid Hashim Al-Dabbagh Director, SVP-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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