Saudi Aramco eyes selling tens of billions of assets

Saudi state oil company, Saudi Aramco, is planning to raise tens of billions of dollars by selling more stakes in its businesses, Report informs referring to Arabian Business.

Aramco raised $12.4 billion by selling leasing rights over oil pipelines to a US-led group of investors in April.

The sales will continue in the next few years, according to Abdulaziz Al Gudaimi, senior vice president for corporate development.

They will happen “irrespective of any market conditions,” and Aramco aims to generate “double-digit billions of dollars,” Al Gudaimi said in an interview. “It’s a strategy meant to create value and create efficiency, and it’s not about a specific capital target or financing the dividends of the company.”

The company is reviewing what other infrastructure can be monetized and will start seeking investors for a second deal soon, Al Gudaimi said, without commenting further.

Proceeds from the oil-pipelines deal and others will be used for “future growth projects,” he said. “We will continue unlocking value from our assets.”