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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)
