DUBAI (Reuters) – Saudi Aramco said on Monday it has signed a $15.5 billion lease-and-leaseback deal for its gas pipeline network with a consortium led by BlackRock Real Assets and state-backed Hassana Investment Co.
As part of the transaction, a newly-formed subsidiary, Aramco Gas Pipelines Co, will lease usage rights in the state energy firm’s gas pipelines network and lease them back to Aramco for a 20-year period, it said.
In return, Aramco Gas Pipelines Co will receive a tariff payable by Aramco for the gas products that will flow through the network, backed by minimum commitments on throughput.
Aramco will hold a 51% majority stake in Aramco Gas Pipeline Company and sell a 49% stake to investors led by BlackRock and Hassana, which is the asset management arm of the General Organization for Social Insurance (GOSI).
(Reporting by Saeed Azhar)
