Saudi Arabian Oil Company (Aramco) has announced that it successfully closed a lease and leaseback deal signed with an international investor consortium, led by affiliates of BlackRock and Hassana, Aramco said in a statement.

According to the deal previously announced on December 6, 2021, the consortium has acquired a 49% stake in Aramco Gas Pipelines Company, a subsidiary of Aramco, for $15.5 billion.

Aramco elaborated that this 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 in connection with Aramco’s gas pipeline network. Under this 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,” according to the statement.

At the same time, Aramco signed a memorandum of understanding (MoU) with BlackRock, to explore joint opportunities in future energy transition projects related to low carbon energy infrastructure.