EIG, ARAMCO SIGN MOU FOR FUTURE ENERGY PROJECT COLLABORATION

KUALA LUMPUR, June 17 (Bernama) -- EIG, a leading institutional investor to the global energy and infrastructure sectors, has announced signing a memorandum of understanding (MoU) with Aramco to collaborate on future energy projects.

Under the terms of the MoU, the parties will look to pursue investment opportunities in projects that advance their shared sustainability objectives, including in existing and new technologies such as alternative fuels, carbon capture, hydrogen and natural gas, transportation, and energy storage.

“As global energy demand rises, EIG is committed to balancing the twin goals of decarbonisation and reliability,” said R. Blair Thomas, EIG Chairman and CEO in a statement.

“As part of this effort, we are thrilled to have the opportunity to work with an industry leader as relevant as Aramco on the pathway to decarbonising the energy sector.

“We are fortunate to be an existing partner with Aramco on critical infrastructure in the energy complex and we look forward to building on that partnership as it relates to the future path of our industry.”

Meanwhile, Aramco Senior Vice President of Corporate Development, Abdulaziz M. Al-Gudaimi added: “This MoU further strengthens our relationship with EIG and has potential to drive new investment towards low-emission energy solutions, which both support economic growth and contribute to the broader energy transition.”

The MoU announcement follows last year’s successful closing of a US$12.4 billion infrastructure investment deal between Aramco and an international consortium led by EIG, involving the lease and leaseback of oil pipeline infrastructure from Aramco. (US$1 = RM4.395)

Washington D.C.-headquartered EIG, with US$25.0 billion under management as of March 31, 2022, specialises in private investments in energy and energy-related infrastructure on a global basis.

For more information, visit www.eigpartners.com.

-- BERNAMA