Abu Dhabi’s sovereign fund Mubadala confirmed it has joined the consortium that took a significant minority stake in an oil pipeline venture with Saudi Aramco.
Aramco announced a $12.4 billion deal in April for the sale of a 49 per cent stake in a newly created vehicle known as Aramco Oil Pipelines. The buyer was a consortium led by Washington-based investor EIG, an investor in energy-related infrastructure.
Mubadala “has joined the EIG-led consortium which has entered into a transaction with Saudi Arabian Oil Company [Aramco] to acquire a 49 per cent equity stake in the newly formed entity Aramco Oil Pipelines Company. Aramco will retain the remaining 51 per cent stake in the new entity,” a company representative said in a statement.
“The new entity has rights to 25 years of tariff payments for oil transported through Aramco’s stabilised crude oil infrastructure network, backed by minimum volume commitments.”
The deal allows Aramco, the world’s third-most valuable company, to monetise its pipeline assets while retaining overall ownership and operational control of the network. It does not impose any restrictions on Aramco’s crude oil production volumes, which are set by the kingdom itself, the Mubadala representative said.
Aramco, which made a profit of 183.7bn Saudi riyals ($49bn) in 2020, said earlier this week it also plans to tap debt capital markets through the issue of dollar-denominated sukuk. It did not disclose how much it plans to raise, but said the funds raised would be used “for general corporate purposes or for any other purpose specified” in the offer documents for the sukuk.
Speaking at the time EIG’s investment was announced in April, Aramco’s president and chief executive Amin Nasser described it as a landmark deal that “defines the way forward for our portfolio optimisation programme”.
Aramco’s monetisation of its pipeline network follows similar initiatives taken by Abu Dhabi National Oil Company in recent years.
Adnoc completed a $20.7bn deal with a consortium of infrastructure and sovereign funds to buy a stake in its natural gas pipelines in July last year. This followed a $5bn investment in the company's oil pipelines from other investors in 2019.
Adnoc also raised $2.7bn by monetising future rents from some of its non-core property assets in September last year through a vehicle known as Abu Dhabi Property Leasing Holding Company. Apollo Global Management took a 49 per cent stake in the company, valuing it at $5.5bn.
if you go
The flights
Flydubai offers three daily direct flights to Sarajevo and, from June, a daily flight from Thessaloniki from Dubai. A return flight costs from Dhs1,905 including taxes.
The trip
The Travel Scientists are the organisers of the Balkan Ride and several other rallies around the world. The 2018 running of this particular adventure will take place from August 3-11, once again starting in Sarajevo and ending a week later in Thessaloniki. If you’re driving your own vehicle, then entry start from €880 (Dhs 3,900) per person including all accommodation along the route. Contact the Travel Scientists if you wish to hire one of their vehicles.
The specs
Engine: 1.5-litre 4-cyl turbo
Power: 194hp at 5,600rpm
Torque: 275Nm from 2,000-4,000rpm
Transmission: 6-speed auto
Price: from Dh155,000
On sale: now
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
Where to buy
Limited-edition art prints of The Sofa Series: Sultani can be acquired from Reem El Mutwalli at www.reemelmutwalli.com
Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
UAE currency: the story behind the money in your pockets
The BIO:
He became the first Emirati to climb Mount Everest in 2011, from the south section in Nepal
He ascended Mount Everest the next year from the more treacherous north Tibetan side
By 2015, he had completed the Explorers Grand Slam
Last year, he conquered K2, the world’s second-highest mountain located on the Pakistan-Chinese border
He carries dried camel meat, dried dates and a wheat mixture for the final summit push
His new goal is to climb 14 peaks that are more than 8,000 metres above sea level
Business Insights
- Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
- The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
- US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
Match info
Manchester City 3 (Jesus 22', 50', Sterling 69')
Everton 1 (Calvert-Lewin 65')
GIANT REVIEW
Starring: Amir El-Masry, Pierce Brosnan
Director: Athale
Rating: 4/5
Mobile phone packages comparison
Paris Can Wait
Dir: Eleanor Coppola
Starring: Alec Baldwin, Diane Lane, Arnaud Viard
Two stars
The Old Slave and the Mastiff
Patrick Chamoiseau
Translated from the French and Creole by Linda Coverdale
White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
What is tokenisation?
Tokenisation refers to the issuance of a blockchain token, which represents a virtually tradable real, tangible asset. A tokenised asset is easily transferable, offers good liquidity, returns and is easily traded on the secondary markets.
Results
Stage three:
1. Stefan Bissegger (SUI) EF Education-EasyPost, in 9-43
2. Filippo Ganna (ITA) Ineos Grenadiers, at 7s
3. Tom Dumoulin (NED) Jumbo-Visma, at 14s
4. Tadej Pogacar (SLO) UAE-Team Emirates, at 18s
5. Joao Almeida (POR) UAE-Team Emirates, at 22s
6. Mikkel Bjerg (DEN) UAE-Team Emirates, at 24s
General Classification:
1. Stefan Bissegger (SUI) EF Education-EasyPost, in 9-13-02
2. Filippo Ganna (ITA) Ineos Grenadiers, at 7s
3. Jasper Philipsen (BEL) Alpecin Fenix, at 12s
4. Tom Dumoulin (NED) Jumbo-Visma, at 14s
5. Tadej Pogacar (SLO) UAE-Team Emirates, at 18s
6. Joao Almeida (POR) UAE-Team Emirates, at 22s
Abaya trends
The utilitarian robe held dear by Arab women is undergoing a change that reveals it as an elegant and graceful garment available in a range of colours and fabrics, while retaining its traditional appeal.
