In one of the world’s largest energy infrastructure deals, Saudi Aramco is set to raise $12.4bn by leasing usage rights of its stabilized crude oil pipeline network to a consortium led by EIG Global Energy Partners (EIG) which is one of the world’s leading energy infrastructure investors. According to the deal, the pipeline business will be leased for a period of 25 year through a newly formed entity, Aramco Oil Pipelines Company and will help the oil major to optimize its portfolio optimization program. Aramco will hold a 51% stake in the new company while retaining full ownership and operational control of its stabilized crude oil pipeline network and EIG will hold 49%. According to the oil company, “The transaction represents a continuation of Aramco’s strategy to unlock the potential of its asset base and maximize value for its shareholders. It also reinforces Aramco’s role as a catalyst for attracting significant foreign investment into the Kingdom.” Aramco had hired JPMorgan and MUFG to advise on “Project Seek” in October 2020 with an aim to sell a stake in its pipeline business in line with Abu Dhabi National Oil Company’s (ADNOC) sale of its natural gas pipeline to a group led by Brookfield and GIC in which it had raised ~$10bn. EIG beat BlackRock and Brookfield to secure the deal. Mubadala, Abu Dhabi’s sovereign wealth fund is also in talks with EIG to join the investor group.