Global Consortium Acquires 49% of Aramco

Global consortium acquires 49 percent of Aramco (Reuters)
Global consortium acquires 49 percent of Aramco (Reuters)
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Global Consortium Acquires 49% of Aramco

Global consortium acquires 49 percent of Aramco (Reuters)
Global consortium acquires 49 percent of Aramco (Reuters)

Saudi Aramco announced that an international investor consortium, led by affiliates of BlackRock and Hassana, acquired a 49 percent stake in Aramco Gas Pipelines Company, a subsidiary of Aramco, for $15.5 billion.

The consortium comprises leading institutional investors, including, amongst others, Keppel Infrastructure Trust, Silk Road Fund, and China Merchants Capital.

As part of the transaction, first announced in December 2021, Aramco Gas Pipelines Company and Aramco entered into a 20-year lease and leaseback arrangement with Aramco's gas pipeline network.

Under the arrangement, Aramco Gas Pipelines Company will receive a tariff payable by Aramco for the specified gas products that flow through the network, backed by minimum commitments on throughput.

The long-term investment by the consortium represents further progress in Aramco's portfolio optimization program and highlights the robust investment opportunities presented by Aramco's significant infrastructure assets.

It also underlines Aramco's long-term solid outlook and the appeal of Saudi Arabia to leading institutional investors.

Meanwhile, Chairman of Aramco Board Yasir al-Rumayyan described the International Petroleum Technologies Conference (IPTC), held recently in Riyadh, as an opportunity to boost cooperation and find solutions for the long-term global energy challenges.

The official explained that Aramco could contribute to the global energy sector through its robust platform, which prompted the company to adopt the Fourth Industrial Revolution technologies.

It helps raise its efficiency level and minimize emissions from the company's business.

Rumayyan noted that Aramco innovates and explores effective carbon management solutions to reduce its environmental impact and carbon emissions.

Aramco's carbon emissions levels are at their lowest, and the company proved its financial flexibility and operational reliability while taking actions to maintain the health and safety of its employees.

Rumayyan added that Aramco is working to draw a more sustainable future by developing technologies that reduce emissions of hydrocarbon energy sources, mainly if applied on a global scale.

He pointed out that Aramco focuses its efforts on enabling communities and individuals, ensuring the sustainability of the business, and developing a commercial system.

The company launched several energy sector initiatives, IKTVA and Namaat, which are an integral part of its long-term vision to develop an energy sector capable of competing globally.

For his part, Aramco President & CEO, Amin H. Nasser Amin Nasser highlighted at a plenary session on the sidelines of the conference entitled "Enhancing Global Recovery through Sustainable Energy" the risks associated with the lack of investments in oil and gas.

He warned that high energy prices in Europe and parts of Asia affect customers worldwide, and it is mainly due to investment strategies and policies of specific sectors, while energy investment has been halted.

Investment is now focused on renewable energy and alternatives without perceiving the need to support all long-term sources and ensure supplies to maintain global growth, according to Nasser.



Abu Dhabi's MAIR Group to List in Abu Dhabi Next Month

Abu Dhabi's MAIR Group to List in Abu Dhabi Next Month
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Abu Dhabi's MAIR Group to List in Abu Dhabi Next Month

Abu Dhabi's MAIR Group to List in Abu Dhabi Next Month

Abu Dhabi-based MAIR Group, an investment firm active in sectors including food retail and commercial real estate, said on Thursday it would list on the local bourse next month.

The company, which operates over 100 stores in the United Arab Emirates (UAE) under the ADCOOP and SPAR brands, said in a statement the listing on the Abu Dhabi securities exchange (ADX) would take place on Dec. 9.

It did not disclose the amount of stock shareholders and employees plan to sell through the so-called direct listing, which takes place when a company offers shares to the public without going through a bank-backed initial public offering, Reuters reported.

As MAIR prepares to list "we are ready to amplify our impact, strengthen our foundations, and invite stakeholders to join our journey," Managing Director and CEO Nehayan Al Ameri said.

MAIR, which also manages more than 12 shopping centers through its commercial real estate division, booked revenues of 1.2 billion dirhams ($326.7 million) in the first half of 2024.

Last year, it distributed 135 million dirhams in dividends, equal to 12.11% of the share capital, to its over 12,000 shareholders.