Saudi Aramco Negotiating Sale Of Up To 49% Of Oil Pipeline Business - Reports
Fahad Shabbir (@FahadShabbir) Published April 07, 2021 | 12:45 PM
Saudi Arabia's energy giant Saudi Aramco is holding talks with foreign and domestic investors to sell up to 49 percent in its oil pipeline business for $10-15 billion, The Wall Street Journal reported, citing informed sources
MOSCOW (UrduPoint News / Sputnik - 07th April, 2021) Saudi Arabia's energy giant Saudi Aramco is holding talks with foreign and domestic investors to sell up to 49 percent in its oil pipeline business for $10-15 billion, The Wall Street Journal reported, citing informed sources.
According to the media outlet, the group of investors seeking to purchase a minority stake in oil pipelines could include US investment company Apollo Global Management Inc., energy investment firm EIG Global Energy Partners, Chinese infrastructure fund Silk Road Fund, Chinese private-equity fund China Reform Fund Management Co, along with Saudi pension funds.
The publication notes that the total cost of Saudi Aramco's oil pipeline network could thus exceed $20 billion and the deal to sell a minority stake may be announced later this week.
By retaining a majority stake in the pipeline business, Saudi Arabia will ensure the production control over the assets. According to sources familiar with the matter, the deal prescribes a creation of a joint venture between Saudi Aramco and the company that will win the tender. The joint venture will receive funds from Aramco for transporting oil through pipelines, the media outlet said.
In the spring of 2020, Bloomberg reported for the first time that Saudi Aramco was considering selling a stake in its pipeline division amid falling oil prices.
Saudi Aramco is the national oil company of Saudi Arabia, founded in 1933 with the headquarters located in Dhahran. The company controls almost all of the country's oil production facilities.
Related Topics
Recent Stories
President Biden writes letter to PM Shehbaz, expresses best wishes for newly ele ..
DC Larkana chairs meeting regarding Youm-e-Ali arrangements
Interior Minister visits FC headquarters Peshawar
One dies, 28 injured after passenger bus overturned
US Fed's favored inflation gauge ticks higher as fuel costs rise
IESCO notifies 2-day power suspension programme
Posters and logos exhibition held at SABS University
Ramazan Package enhanced from 7.5 billion to 12.5 billion rupees: Finance Minist ..
ICCI, CDA sign MoU for upgrading, maintaining public washrooms
Provincial minister attends solar product launch
Finance minister calls for fiscal discipline by reducing operational expenditure
Minister for Finance and Revenue Muhammad Aurangzeb holds meeting with SBP Gover ..
More Stories From Business
-
US Fed's favored inflation gauge ticks higher as fuel costs rise
26 minutes ago -
ICCI, CDA sign MoU for upgrading, maintaining public washrooms
29 minutes ago -
Prudent policies lead to sustainable economic recovery: Finance Ministry
2 hours ago -
Minister for Finance and Revenue Muhammad Aurangzeb holds meeting with SBP Governor
29 minutes ago -
Exchange rates for currency notes
3 hours ago -
PTC rebuts misleading tax loss figures, seeks fair market competition
4 hours ago
-
Economy commences on better note in 2024: Finance Minister
4 hours ago -
Gold rates up by Rs.3,800 to Rs.234,800 per tola
4 hours ago -
SACM directs authorities to find out solution to problems of miners, crush plants
4 hours ago -
Weekly inflation falls slightly
4 hours ago -
Uzbekistan's Ambassador, Pakistan’s Commerce minister forge path for enhanced economic ties
4 hours ago -
Finance Minister calls for reforming tax system to improve country's economy
5 hours ago