Deals
Aramco Hires Moelis to Raise Billions From Asset Sales
- Kingdom’s state energy firm weighs selling stake in pipelines
- Saudi Arabia’s using similar strategy to neighbor Abu Dhabi
Photographer: Simon Dawson/Bloomberg
This article is for subscribers only.
Saudi Arabia is looking to emulate neighboring Abu Dhabi by using its state energy firm to raise billions of dollars from investors, as the kingdom seeks cash to counter a severe recession.
Saudi Aramco, the world’s biggest oil company, has hired Moelis & Co. to devise a strategy for selling stakes in some subsidiaries, according to people familiar with the matter. The plan includes raising around $10 billion from a stake sale in Aramco’s pipelines, said the people, who asked not to be identified because the matter is private.