UAE fund Mubadala May join $12b Aramco oil pipelines deal

Abu Dhabi: Mubadala Investment Co. may join a group investing $12.4 billion in Saudi Aramco's oil pipelines, according to a spokesperson for the Abu Dhabi wealth fund.

The $232 billion fund is in talks with US investor EIG Global Energy Partners LLC, the lead member of the consortium, the spokesperson said, adding that a final agreement has yet to be reached between the two parties.

Washington-based EIG and Aramco, the world's largest oil company, announced the deal late Friday. The group will buy 49% of Aramco Oil Pipelines Co., a newly-formed entity with rights to 25 years of payments for crude shipped through the Saudi Arabian firm's network.