Mubasher: Abu Dhabi-based Mubadala Investment Company has joined a consortium led by the US-based EIG Global Energy Partners that had entered into a lease and lease-back agreement to acquire a 49% equity stake in Aramco Oil Pipelines Company, Reuters reported.

In April, Saudi Arabian Oil Company (Saudi Aramco) agreed to sell a minority stake in its pipelines in exchange for $12.4 billion to a consortium led by EIG, while holding the remaining 51% stake in the new entity.

Aramco Oil Pipelines has the right to 25 years of tariff payments for oil transported through Aramco’s crude oil pipeline network.

The pipeline network includes all of Aramco’s existing and future stabilised crude pipelines in Saudi Arabia, connecting oilfields to downstream networks.

Meanwhile, the network transports 100% of Aramco’s crude oil produced in the Kingdom under its concession agreement.

Previously, sources told Reuters that EIG was in talks to sell part of its stake in Aramco Oil Pipelines to buyers, including Mubadala, Chinese investors, and pension funds in Saudi Arabia and the UAE.