Gibson Dunn Advises BlackRock on acquisition of a stake in the SBPC from Bapco Energies

Gibson Dunn advised global asset manager BlackRock on its acquisition of a minority ownership stake in the Saudi Bahrain Pipeline Company (SBPC) from Bapco Energies, the integrated energy company leading the energy transition in the Kingdom of Bahrain.

This transaction represents Bapco Energies’ first asset monetisation and reflects BlackRock’s commitment to investing in the Kingdom of Bahrain.

SBPC owns a portion of the 112-kilometer pipeline supplying crude oil from Saudi Aramco to Bapco Refining, the national refinery of Bahrain and a subsidiary of Bapco Energies.

Under the terms of the transaction, the BlackRock Diversified Infrastructure team has taken a minority stake in SBPC, while Bapco Energies retained majority ownership and governance over the company. The proceeds from this transaction will be used for Bapco Energies capital.

The Gibson Dunn team advising BlackRock on financing aspects of the deal was led by London partner Kavita Davis, and was supported by associates Patrick Garrett and Charles Case (Finance; Projects and Infrastructure).