Aramco Image Credit: Bloomberg

Dubai: Saudi oil giant Aramco hit a record $2.2 trillion (Dh8.08 trillion) in market value on Wednesday with its shares soaring to their highest level since listing.

Shares rose over 3 per cent to $10.80 amid trading of over 27 million shares on the Saudi stock exchange.

The oil giant is reviewing some assets to potentially sell in the future, CEO, Amin Al Nasser, earlier said.

Also, Aramco and an international investor consortium, led by affiliates of BlackRock and Hassana, announced on Wednesday the successful closing of the lease and leaseback deal previously announced on December 6. The consortium has acquired a 49 per cent stake in Aramco Gas Pipelines Company, a subsidiary of Aramco, for $15.5 billion.

The consortium comprises leading institutional investors including, amongst others, Keppel Infrastructure Trust, Silk Road Fund, and China Merchants Capital.

As part of the transaction Aramco Gas Pipelines Company and Aramco entered into a 20-year lease and leaseback arrangement in connection with Aramco’s gas pipeline network.

Under this arrangement, Aramco Gas Pipelines Company will receive a tariff payable by Aramco for the specified gas products that flow through the network, backed by minimum commitments on throughput.

Aramco retains a 51 per cent majority stake in Aramco Gas Pipeline Company, and also retains full ownership and operational control of the gas pipeline network. The transaction does not impose any restrictions on Aramco’s production volumes.

The deal follows the closing of a $12.4 billion infrastructure transaction in connection with Aramco’s stabilized crude oil pipeline network last June.