Saudi Aramco raises $12.4 billion from oil pipeline stake sale

World's largest oil exporter Saudi Aramco has entered into a $12.4 billion deal to sell 49% stake in a newly formed oil pipeline business to a consortium led by US-based EIG Global Energy Partners. This is the company's first major deal since its record $29.4 billion IPO in 2019. Post the deal, Aramco will own 51% stake in the entity.