Riyadh – Mubasher: An international investor consortium including UAE-based Mubadala and EIG has closed a $12.4 billion worth share sale and purchase agreement with Saudi Arabian Oil Company (Saudi Aramco).

The consortium acquired a 49% stake in Aramco Oil Pipelines Company, a subsidiary of Aramco, according to a bourse disclosure to Tadawul on Sunday.

Aramco noted that the consortium also includes a broad cross-section of investors from North America, Asia, and the Middle East.

Aramco Oil Pipelines will receive a tariff payable by Aramco for stabilised crude oil flows under this transaction, backed by minimum volume commitments.

The Saudi listed firm will continue to hold a 51% majority stake in its subsidiary while retaining full ownership and operational control of its stabilised crude oil pipeline network.

The transaction, which was first announced in April, does not impose any restrictions on Aramco’s actual crude oil production volumes, which are subject to production decisions made by Saudi Arabia.

Aramco President and CEO, Amin Nasser, said: “We plan to continue to explore opportunities to capitalize on our industry-leading capabilities and attract the right type of investment to Saudi Arabia.”

Last week, Aramco announced it had raised $6 billion through a USD-denominated international trust certificates offering.