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BlackRock Co-Leads $15.5 Billion Aramco Gas Pipelines Deal

  • Group to invest in Saudi Aramco’s natural-gas pipelines
  • Deal part of Saudi Arabia’s plan to open up economy more
Saudi Aramco's Connected Khurais Oil Field
Photographer: Maya Sidiqqui/Bloomberg
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A group co-led by BlackRock Inc. will invest $15.5 billion in Saudi Arabia’s natural-gas pipelines as the kingdom opens up more to foreign companies and looks to fund a huge increase in fossil-fuel production.

The consortium will buy a 49% stake in a new entity that holds 20-year leasing rights over pipelines carrying Saudi Aramco’s gas across the country. Hassana Investment Co., controlled by the Saudi government’s pension fund, will head the group alongside BlackRock Real Assets.