EIG and Aramco Sign MoU to Extend Energy Collaboration
Posted Jun 17, 2022 14:20 (GMT +7)
Parties to Explore Investment in Advanced Technologies
WASHINGTON--(BUSINESS WIRE)--Jun. 16, 2022
EIG, a leading institutional investor to the global energy and infrastructure sectors, today announced it has signed 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 decarbonization and reliability,” said R. Blair Thomas, EIG’s Chairman and CEO. “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 decarbonizing 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.”
“This MoU encompasses one of many important steps in the global effort to address climate change, and we look forward to working with Aramco to create meaningful improvements in the delivery of affordable and reliable clean energy solutions to people around the world,” said Emily Rodgers, EIG’s Director of ESG.
“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,” said Abdulaziz M. Al-Gudaimi, Aramco Senior Vice President of Corporate Development.
The MoU announcement follows last year’s successful closing of a $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.
EIG is a leading institutional investor to the global energy and infrastructure sectors with $25.0 billion under management as of March 31, 2022. EIG specializes in private investments in energy and energy-related infrastructure on a global basis. During its 40-year history, EIG has committed $40.1 billion to the energy sector through 380 projects or companies in 38 countries on six continents. EIG’s clients include many of the leading pension plans, insurance companies, endowments, foundations and sovereign wealth funds in the U.S., Asia and Europe. EIG is headquartered in Washington, D.C. with offices in Houston, London, Sydney, Rio de Janeiro, Hong Kong and Seoul. For additional information, please visit EIG’s website at www.eigpartners.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220615005197/en/
Sard Verbinnen & Co.
Kelly Kimberly / Brandon Messina
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