Aramco sells $12.4 billion stake in pipeline assets

London, (Quantum Commodity Intelligence) – Saudi Aramco has agreed to sell a large minority stake in its pipeline assets for $12.4 billion, the company announced Friday.

The deal will see a consortium of investors led by EIG Global Energy Partners take a 49% stake in Aramco Oil Pipelines – a newly-formed entity that will lease and lease back the assets to Aramco.

Aramco will retain a majority stake and operational control of the company, which will run the nation's pipeline and receive a fee from Aramco for transporting crude oil.

The move is part of a broader attempt to open up the Saudi economy to foreign investment and raise funds to wean the country off oil revenues.

"The transaction will not impose any restrictions on Aramco's actual crude oil production volumes that are subject to production decisions issued by the Kingdom," the company said in a statement.

EIG is a US-based investment firm that primarily invests in infrastructure assets.