Bahrain's Bapco Energies signs pipeline deal with BlackRock
Bahrain, one of the smallest producers in the Gulf, is focused on developing its downstream sector and looking at asset monetization deals.
DUBAI — Bapco Energies, Bahrain's state-run energy company, signed an agreement with BlackRock on Wednesday to acquire a minority stake in Saudi Bahrain Pipeline Company, which is managed by the asset manager.
SBPC owns part of a pipeline that is 112 kilometers (69 miles) long and supplies oil from Saudi Aramco to Bapco Refining, the downstream subsidiary of the Bahraini energy company. Under the terms of the agreement, the details of which were not disclosed, BlackRock will have a minority stake in SBPC, while the Bahraini company will retain the majority ownership and governance.
The proceeds from the transaction will go toward Bapco Energies' capital, the company said.
The two parties also signed an agreement to work on Bahrain's infrastructure and decarbonization projects.
