DC-EIG
9.4.2021 22:32:12 CEST | Business Wire | Press release
EIG, a leading institutional investor to the global energy sector and one of the world’s leading infrastructure investors, today announced that it has entered into a lease and lease-back agreement with Saudi Arabian Oil Co. ("Aramco"), under which a consortium of investors led by EIG will acquire a 49% equity stake in Aramco Oil Pipelines Company (“Aramco Oil Pipelines”), a newly formed entity with rights to 25-years of tariff payments for oil transported through Aramco’s stabilized crude oil pipeline network. The transaction is valued at approximately $12.4 billion with Aramco holding the remaining 51% stake in the new entity, indicating a total equity value of Aramco Oil Pipelines of approximately $25.3 billion.
The pipeline network, which includes all of Aramco’s existing and future stabilized crude pipelines in the Kingdom of Saudi Arabia, connects oilfields to downstream networks. The pipeline network transports 100% of Aramco’s crude oil produced in the Kingdom under its Concession Agreement.
As part of the transaction, Aramco will lease the usage rights in its stabilized crude oil pipelines network to Aramco Oil Pipelines, and Aramco Oil Pipelines will grant back to Aramco the exclusive right to use, transport through, operate and maintain the pipeline network during the 25-year period in exchange for a quarterly, volume-based tariff, payable by Aramco. The tariff will be backed by minimum volume commitments. Aramco will at all times retain title to, and operational control of, the pipeline network and will assume all operating and capital expense risk. The transaction will not impose any restrictions on Aramco’s actual crude oil production volumes that are subject to production decisions issued by the Kingdom.
“This is an extraordinary opportunity for EIG’s investors, and we are proud to partner with Aramco in this marquee global infrastructure asset,” said R. Blair Thomas, EIG’s Chairman and CEO. “This transaction aligns perfectly with EIG’s philosophy of investing in high-quality assets with contracted cash flows in critical infrastructure. We look forward to a long-term partnership with Aramco and to delivering value for our investors through this landmark investment.”
Aramco President & CEO, Amin H. Nasser, said: “This landmark transaction defines the way forward for our portfolio optimization program. We are capitalizing on new opportunities that also align strategically with the Kingdom’s recently-launched Shareek program. Aramco’s strong capital structure will be further enhanced with this deal, which in turn will help maximize returns for our shareholders. Additionally, our long-term partners in this venture will benefit from investment in one of the world’s most impressive energy infrastructures. Moving forward, we will continue to explore opportunities that underpin our strategy of long-term value creation.”
The transaction is expected to close as soon as practicable, subject to customary closing conditions, including any required merger control and related regulatory approvals.
HSBC Bank plc acted as financial advisor to EIG in connection with the transaction, and Latham & Watkins served as EIG’s legal advisor.
About EIG
EIG is a leading institutional investor to the global energy sector with $22.0 billion under management as of December 31, 2020. EIG specializes in private investments in energy and energy-related infrastructure on a global basis. During its 39-year history, EIG has committed over $34.9 billion to the energy sector through more than 365 projects or companies in 36 countries on six continents. EIG’s clients include many of the leading pension plans, insurance companies, endowments, foundations and sovereign wealth funds in the U.S., Asia and Europe. EIG is headquartered in Washington, D.C. with offices in Houston, London, Sydney, Rio de Janeiro, Hong Kong and Seoul. For additional information, please visit EIG’s website at www.eigpartners.com .
About Aramco
Aramco is a global integrated energy and chemicals company. We are driven by our core belief that energy is opportunity. From producing approximately one in every eight barrels of the world’s oil supply to developing new energy technologies, our global team is dedicated to creating impact in all that we do. We focus on making our resources more dependable, more sustainable and more useful. This helps promote stability and long-term growth around the world. www.aramco.com .
View source version on businesswire.com: https://www.businesswire.com/news/home/20210409005457/en/
About Business Wire
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
TOURISE and Oxford Economics Release New Global Report on Tourism Resilience in an Era of Permanent Disruption17.8.2026 16:33:00 CEST | Press release
New analysis shows destinations that assume risk will recover up to 1.5 times faster with global rehabilitation times dropping from 24 months to as little as 10 TOURISE, in collaboration with Oxford Economics, today released a new report, “Resilience in a World that Doesn’t Reset: Redesigning Tourism for an Era of Permanent Disruption.” The analysis of 85 major crises over two decades shows a clear pattern: in a world defined by continuous shocks, destinations that act before disruption hits recover up to 1.5 times faster than those that wait. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260817880835/en/ “In a world that does not reset between crises, disruption is a constant feature of the global tourism landscape,” said His Excellency Ahmed Al-Khateeb, Minister of Tourism of Saudi Arabia and Chairman of TOURISE. “The real test for destinations measures how they prepare for volatility, protect traveler confidence, and mai
The Expensify Visa® Commercial Card Brings New Proactive Spend Controls to 14 Countries17.8.2026 15:00:00 CEST | Press release
New admin-defined spend rules let businesses control how, where, and when every card is used, stopping the wrong spend before it happens instead of cleaning it up after. Expensify, Inc. (Nasdaq: EXFY), the easiest way to manage expenses, travel, and corporate cards, today expanded the reach of Expensify Card spend rules, the market-leading way for businesses to control corporate card spend before it happens. Available to businesses in 14 countries, spend rules let admins decide exactly how, where, and when each Expensify Card can be used, so only compliant transactions go through. Unlike traditional corporate cards that rely on after-the-fact expense review, the Expensify Card enforces policy at the point of purchase. Admins set the rules once, and the card handles the rest. With Expensify Card spend rules, admins can: Lock a card to a subscription. Give each recurring SaaS tool its own virtual card, so a vendor can only ever charge what it should. If the card owner changes teams or le
Riskified Analysis Finds Travel Fraudsters Are Adapting Faster Than Traditional Signals Can Keep Up, With May Flight Risk Up 32%17.8.2026 14:30:00 CEST | Press release
New Travel Industry report reveals sophisticated fraud rings are exploiting trusted customer behaviors across flights, hotels, and travel platforms Riskified (NYSE: RSKD), a global leader in ecommerce fraud and risk intelligence, today released new findings from its Travel Industry Insights report, revealing how sophisticated fraud rings and AI-enabled fraudsters are evolving their tactics across airlines, hotels, and online travel platforms. Riskified’s analysis shows that fraudsters are increasingly adapting their behavior to resemble legitimate travelers, making traditional fraud indicators less reliable and creating new challenges for travel merchants. Riskified’s analysis of hundreds of millions of travel transactions across flights, hotels, and land transportation found that flight fraud risk increased through the first five months of 2026, with May 2026 marking the sharpest year-over-year increase at 32% compared to May 2025. The findings show that sophisticated fraud activity i
PIF Delivers Strong Revenue and Profit Growth in 202517.8.2026 13:54:00 CEST | Press release
Revenue rose 9% to $120 billion while net profit more than doubled to $17 billionCumulative domestic investments reached more than $199 billion since 2021PIF has contributed more than $342 billion to Saudi Arabia’s real non-oil GDP between 2021 and 2025Assets under management exceed $900 billion, up from around $530 in 2021 and $150 billion in 2015 PIF today published its 2025 Annual Report demonstrating strong financial performance and continued progress against its long-term objectives. As a long-term investor with a unique mandate to drive the economic transformation of Saudi Arabia and deliver sustainable financial returns, PIF maintained a diversified portfolio in 2025, balancing returns with national impact and long-term resilience. Maintaining Financial Discipline In 2025, revenue rose 9% year on year to $120 billion, while net profit more than doubled to $17 billion, supported by stronger contributions from maturing portfolio companies. PIF retained over $900 billion in assets
Foundever Successfully Closes a Holistic Recapitalization, Reducing its Debt by Nearly $900 Million and Strengthening its Financial Position for Long-Term Growth17.8.2026 13:30:00 CEST | Press release
Secures $225 Million Equity Infusion; Revolving Credit Facility and Term Loan Maturities ExtendedBenoit Leclercq Appointed Interim Chief Executive Officer to Lead Foundever Through its Next Phase of Growth; Company Begins Formal Search Process for Permanent CEO Foundever Group S.A.® (“Foundever” or the “Company”) – a global leader in integrated customer experience, digital operations and analytics services, today announced that it has successfully closed a holistic recapitalization (the “Transaction”) in coordination with 95.4% of the lenders under its term loan facility (“Term Loan Lenders”), 100% of its revolving credit facility lenders (“RCF Lenders”), and the Company’s existing majority shareholders. The Transaction meaningfully strengthens Foundever’s financial foundation and positions the Company to invest in its growth strategy. Key terms of the Transaction include: Company's existing majority shareholders invest $225 million into common equity. Term loan facility exchange reduc
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom