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 Blackrockeral Assets and state-backed Hasna Investment Co.
Gulf oil producers are looking to raise cash through stake sales and long-term leases in energy assets, capitalizing on a rebound in crude oil prices.
As part of the transaction, a newly formed subsidiary, Aramco Gas Pipeline Company, will lease use rights in the state energy firm’s gas pipeline network and lease them back to Aramco for a period of 20 years.
In return, Aramco Gas will receive tariffs payable by Aramco for gas products flowing through the network, supported by commitments on throughput.
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