PHOTO
State-run Bahrain Petroleum Co (Bapco) refinery is seen during the early evening hours from the village of Ma'aameer, south of Manama, Bahrain, August 22, 2017. Image used for illustrative purpose.
Bahrain's Bapco Energies has sold a minority stake in the Saudi Bahrain Pipeline Company (SBPC) to a fund managed by BlackRock’s Diversified Infrastructure business. Thetransaction is the state-owned company’s first asset monetisation.
While the companies involved did not disclose the terms of the transaction, a statement on Wednesday said the proceeds will be used to meet Bapco Energies’ capital requirements.
SBPC owns a portion of the 112-km pipeline supplying crude oil from Saudi Aramco to Bapco Refining, the national refinery of Bahrain and a subsidiary of Bapco Energies.
Under the terms of the transaction, the BlackRock infrastructure fund has taken a minority stake in SBPC, while Bapco Energies retained majority ownership and governance over the company.
Bapco Energies and BlackRock’s Diversified Infrastructure business have signed a Memorandum of Understanding to collaborate on Bahraini infrastructure and decarbonization projects.
(Writing by Brinda Darasha; editing by Seban Scaria)
