Mubadala Investment Company has joined an alliance led by the American company EIG Global Energy Partners, which entered into a deal with Saudi Aramco to acquire a 49% stake in the newly established company under the name Aramco Supply Company. Crude oil.
Mubadala said, in a statement issued yesterday, that Saudi Aramco will retain the remaining 51% stake in the new entity, which has the right to use Aramco’s concentrated crude oil pipeline network for a period of 25 years, at a tariff paid by Aramco for the quantities of crude oil. Concentrated crude oil that flows through the network, and that tariff is linked to a minimum size of those quantities.
The statement added that Saudi Aramco will retain full ownership of the pipeline network, and will continue to have full operational control over it and full rights to use it and continue its responsibilities for operation and maintenance work, and this transaction will not impose any restrictions on the amount of actual crude oil production subject to production decisions The actual decision taken by Saudi Arabia, nor its current operational capabilities or future expansions.
Follow our latest local and sports news and the latest political and economic developments via Google news