Sign Up for FREE Daily Energy News
Canadian Flag CDN NEWS  |  US Flag US NEWS  | TIMELY. FOCUSED. RELEVANT. FREE
  • Stay Connected
  • linkedin
  • twitter
  • facebook
  • youtube2
BREAKING NEWS:

Copper Tip Energy Services
Hazloc Heaters
Hazloc Heaters
Copper Tip Energy


Brookfield, BlackRock no longer in race for over $10 billion Aramco pipeline stake


These translations are done via Google Translate

Apollo Global Management and New York-based Global Infrastructure Partners (GIP) are among the bidders still in the race for the deal, which could fetch Aramco over $10 billion, they said.

China Investment Corp, the country’s sovereign wealth fund, was also weighing a bid for the assets, a third source told Reuters.

Aramco, Apollo and Brookfield declined to comment.

CIC declined to comment, while GIP did not respond to a Reuters request for comment.

Bloomberg earlier reported the news about BlackRock and Brookfield Asset being no longer in the race.

GLJ
ROO.AI Oil and Gas Field Service Software

Aramco, which is looking to sell as much as 49% stake, is preparing a so-called “staple financing” for its bidders – a financing package provided by the seller that buyers can use to back their purchase.

The planned pipeline deal would be similar to infrastructure deals signed over the last two years by Abu Dhabi’s National Oil Co (ADNOC), which raised billions of dollars through sale-and- leaseback deals of its oil and gas pipeline assets, sources have previously said.

Aramco, the world’s largest oil exporter, reported last month its net profit fell 44.4% to 183.8 billion riyals ($49.01 billion) for the year ended Dec. 31 as the COVID-19 pandemic depressed global crude demand.

However, it maintained its pledge to declare a $75 billion dividend for 2020, most of which goes to the Saudi government.

Reporting by Saeed Azhar and Davide Barbuscia; Additional reporting by Cheng Leng in Beijing and Greg Roumeliotis in New York; Editing by Muralikumar Anantharaman



Share This:



More News Articles


GET ENERGYNOW’S DAILY EMAIL FOR FREE