Riyadh – Mubasher: The Saudi Arabian Oil Company (Saudi Aramco) is considering selling a stake in its natural gas pipeline network to generate cash and attract international investors to Saudi Arabia, sources told Bloomberg.
Saudi Aramco is convening preliminary discussions for the potential sale, two weeks after the company had announced that a consortium led by Washington-based EIG Global Energy Partners would invest $12.4 billion in its oil pipelines, the sources referred.
The sources confirmed that there’s no certainty Aramco will proceed with the transaction, as the discussions are at an early stage.
Due to the coronavirus (COVID-19) pandemic and decline in oil prices, governments across the Gulf region use their energy companies to raise money and strengthen their finances.
It is noteworthy to mention that on Sunday, 11 April, Saudi Aramco signed the agreement with EIG Global Energy Partners-led consortium to sell 49% equity of Aramco Oil Pipelines Company.
