Saudi Arabia's national oil company Saudi Aramco has reached an agreement with a consortium led by EIG Global Energy Partners (EIG) to sell a 49% equity stake in Aramco Oil Pipelines Company, a newly formed entity with rights to 25-years of tariff payments for oil transported through Aramco’s stabilized crude oil pipeline network, for a total consideration of US$12.4bn. Saudi Aramco will hold the remaining 51% stake in the new entity and will continue to retain full ownership and operational control of its stabilized crude oil pipeline network.
Saudi oil is mainly exported through the ports of Ras Tanura (capacity of 3.4 mb/d) and Ras al-Ju'aymah (capacity of 3 mb/d) on the Persian Gulf. The 1,200 km long Petroline pipeline (capacity of 5 mb/d) allows exports through the Red Sea terminals, and in particular via the Yanbu port (1.3 mb/d export capacity).