Save for later Print Download Share LinkedIn Twitter Abu Dhabi's sovereign wealth fund Mubadala Investment Co. said it has joined a consortium of investors led by EIG Global Energy Partners that will hold a 49% equity stake in Aramco Oil Pipelines Co. Washington-based EIG -- which is not related to Energy Intelligence -- announced in April that it was leading a group of investors that will own a 49% stake worth $12.4 billion in the newly created Aramco Oil Pipelines unit. Saudi Aramco will retain the remaining 51%. At the time Energy Intelligence reported that Mubadala had expressed interest in joining the consortium (IOD Apr.9'21) "Mubadala, the Abu Dhabi-based sovereign investment company, announced that it has joined the EIG-led consortium, which has entered into a transaction with Saudi Arabian Oil Co.,” Mubadala said in a statement that referred to Aramco by its full formal name. Mubadala's statement added that the newly created company has rights to 25 years of tariff payments for oil transported through Aramco's stabilized crude oil infrastructure network, backed by minimum volume commitments. Banking sources say Aramco expects to receive a $12.4 billion cash infusion as a result of the deal during the second half of this year. This should help Aramco at a time when Saudi Arabia has been leaning hard on the giant oil company to fund grand plans for modernization and diversification of the kingdom's economy.
