Aramco and an international investor consortium, jointly led by BlackRock and Hassana, have announced the successful closing of $15.5 billion gas pipeline deal.

The investors have bought 49% stake in Aramco Gas Pipelines Co., a subsidiary of Aramco, according to a company statement. Aramco retains the 51% majority stake in the company, and also retains full ownership and operational control of the gas pipeline network.

The consortium also includes major investors such as Keppel Infrastructure Trust, Silk Road Fund, and China Merchants Capital, among others.

As part of the transaction, Aramco Gas Pipelines Co. and Aramco entered into a 20-year lease and leaseback arrangement in connection with Aramco’s gas pipeline network.

The announcement follows the closing of a $12.4 billion infrastructure transaction in connection with Aramco’s stabilized crude oil pipeline network in June 2021.

Commenting on the development, Aramco president & CEO, Amin H. Nasser, said, “This agreement is our second landmark infrastructure transaction in less than a year and another major step forward in our long-term value creation strategy. At the same time as Aramco raises gas production and seeks new opportunities in low-carbon energy sources over the next decade, the importance of our energy infrastructure in relation to global energy security and reliability is expected to grow in significance.”

Meanwhile, Larry Fink, chairman and CEO of BlackRock, said, “We are pleased to close this landmark transaction and deepen our partnership with Aramco by signing a Memorandum of Understanding to develop low carbon energy infrastructure together. Getting to a net zero world will not happen overnight. It requires us to shift the energy mix in incremental steps to achieve a green energy future. Bold, forward-thinking incumbents like Aramco have the technical expertise and capital to play a crucial role in this transformation, and we look forward to our future collaboration.”