Aramco has signed a deal with a consortium led by EIG Global Energy Partners (EIG) to optimize its assets through a lease-and-lease-back agreement involving its stabilized crude oil pipeline network in Saudi Arabia. Once closed, Aramco will receive upfront proceeds of around US$ 12.4 billion. The transaction is part of the company's strategy to unlock the potential of its asset base and maximize value for its shareholders. 

As part of the transaction, a newly-formed Aramco subsidiary, Aramco Oil Pipelines Company, will lease usage rights in Aramco’s stabilized crude oil pipeline network for a 25-year period. In return, Aramco Oil Pipelines Company will receive a tariff payable by Aramco for the stabilized crude oil that flows through the network, backed by minimum volume commitments. Aramco will hold a 51% majority stake in the new company and the EIG-led consortium will hold a 49% stake. Aramco will continue to retain full ownership and operational control of its stabilized crude oil pipeline network in Saudi Arabia.