Saudi Aramco announced on 18 June that it has closed its $12.4bn deal with an investment consortium for a 25-year lease and leaseback agreement covering Aramco’s stabilized crude oil pipeline network (MEES, 16 April). The funds will help Aramco continue to meet its hefty dividend commitments, which since oil prices crashed have exceeded free cash flow.

The investment consortium is headed by US-investment firm EIG, and includes Abu Dhabi state investor Mubadala (MEES, 11 June). EIG says it also includes China’s Silk Road Fund, Korea’s Samsung Asset Management and Saudi Arabia’s Hassana Investment Company, which was created in 2009 by the state-run pension fund, the General Organization for Social Insurance (GOSI: MEES, 30 March 2009). (CONTINUED - 147 WORDS)