FINANCE

Saudi Aramco taps banks for -1 12-14 billion gas pipeline


Reuters File Photo: Saudi Aramco logo depicted on October 12, 2019 in Saudi Arabia’s Abkaik oil facility. Reuters / Maxim Shemetov

Written by Hadil Al Sayegh, David Barbusia and Saeed Saeed Azhar

Dubai (Reuters) – Saudi Aramco (SE 🙂 has asked banks to arrange for expected loans in the range of বিল 12 billion to 14 14 billion, which it plans to offer to buyers of its gas pipeline network, sources said, as the oil giant plans to raise funds from progress asset sales.

Aramco could raise at least 17 billion from selling a significant minority stake in its gas pipeline, sources told Reuters earlier. This portion will be provided with a stake financing package of approximately 0% of the value.

Banks financing কোম্প 12.4 billion for the acquisition of the company’s oil pipeline earlier this year received a request for a proposal from Aramco last week, three sources familiar with the matter said.

The deal included Aramco’s existing and future stable crude pipelines, backed by টি 10.5 billion in funding from a large group of banks, including Citi, HSBC and JP Morgan (NYSE :).

Aramco did not immediately respond for comment on new funding for the gas pipeline. In the gas pipeline deal, it is working with JP Morgan and Goldman Sachs (NYSE :), sources said.

Reuters reported in August that the companies under discussion for Aramco’s gas pipeline assets include Global Infrastructure Partners (GIP), Brookfield, Singapore Sovereign Assets Fund GIC, European Gas Infrastructure Owners and Operations , South Korean Sovereign Assets Fund Korean Investment Corporation (KIC) and NH Investments and Securities.

Potential buyers are expected to submit tenders by the end of October, a source said.

Earlier this year, Aramco, similar to Abu Dhabi National Oil Company (ADNOC), used a lease-back agreement to sell a 49% stake in the newly formed Aramco Oil Pipelines Co and paid a 25-year tariff for the oil. His pipeline.

It plans to use a similar structure for its gas pipeline.

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