BlackRock buys stakes in Saudi-Bahraini oil pipeline
Bahrain aims to achieve carbon neutrality by 2060
Dubai: Bahrain’s Bapco Energies sells a minority stake in its oil pipeline linking Saudi Arabia and Bahrain to a fund managed by US investment bank BlackRock.
The BlackRock Diversified Infrastructure fund acquired a stake in Saudi Bahrain Pipeline Co (SBPC), which operates a segment of the 112-kilometre pipeline.
This pipeline transports crude oil from Saudi Aramco to Bapco Refining, a Bapco Energies subsidiary.
Bapco Energies stated that the sale's proceeds would bolster its capital. This transaction is part of Bahrain’s broader strategy to raise funds for its decarbonisation initiatives.
The pipeline has a capacity to transport up to 350,000 barrels of crude oil per day, according to Saudi Aramco.
The partnership between Bapco Energies and BlackRock will focus on exploring investment opportunities in Bahraini infrastructure and decarbonisation projects. This collaboration will emphasise technical expertise, financial support, and strategic guidance across various sectors, including renewable energy, electric vehicle charging, carbon capture and sequestration, direct air capture, energy efficiency, waste-to-energy, and biofuels.
Bahrain aims to achieve carbon neutrality by 2060.