Aramco agrees $12.4 bln deal to sell stake in pipelines

Saudi oil producer Aramco has agreed a $12.4 billion deal to sell a 49% stake in its pipelines to a consortium led by US-based EIG Global Energy Partners.

Announced late on Friday, it is the company's largest deal since its record $29.4 billion initial public offering in late 2019. The lease and leaseback agreement includes a 49% stake of newly formed Aramco Oil Pipelines Co and rights to 25 years of tariff payments for oil carried on Aramco's pipelines, it said in a statement.