What was changed
After its IPO and SABIC deal, Aramco still needed ways to fund dividends, investment, and Saudi Arabia's wider capital-market opening. Selling core production assets would have cut too deep, so it separated infrastructure economics from operational control.
In 2021 an EIG-led consortium, including Mubadala, bought 49% of Aramco Oil Pipelines for $12.4bn under a 25-year lease-and-leaseback. Aramco kept 51%, ownership, and operational control of the pipeline network.
Aramco repeated the structure with gas pipelines. A BlackRock- and Hassana-led consortium acquired 49% of Aramco Gas Pipelines for $15.5bn in a 20-year leaseback, making the two transactions a $27.9bn asset-optimization program.
What it achieved
Oil and gas pipeline transactions generated $12.4bn and $15.5bn respectively, while Aramco kept 51% and operational control.
Why it worked
The structure monetized mature infrastructure without restricting production decisions.
Long leases and minimum commitments turned pipeline flows into an investable infrastructure yield.
Bringing in EIG, Mubadala, BlackRock, and Hassana supported Saudi Arabia's foreign-capital story.
What can be applied
Infrastructure leasebacks can finance transformation without selling the operating business, if control, tariffs, and duration are designed clearly.
Aftermath
The pipeline deals became a template for Aramco's portfolio optimization: retain the operating system, sell minority infrastructure economics, and use global capital to fund resilience and future investment. The gas deal also included a BlackRock MoU on future energy-transition infrastructure.
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