Saudi Aramco has asked banks to arrange a loan expected to range between 12 and 14 billion dollars it plans to provide to buyers of its gas pipeline network, sources said, as the oil giant develops plans to raise funds through the sale of assets.
Sources had previously told Reuters that Aramco could raise at least $17 billion from selling a large minority stake in its gas pipelines. The stake will be offered with a loan financing package already ready at approximately 80% of the price.
Three sources familiar with the matter said that banks that financed a $12.4 billion takeover of the company’s oil pipelines earlier this year received a request from Aramco last week for bids.
Supporting the deal, which included all existing and future stable crude pipelines, was $10.5 billion in financing from a large group of banks such as Citi, HSBC and JP Morgan.
Aramco did not immediately respond to a request for comment on the new financing for the gas pipelines. Sources previously said it was working with JPMorgan and Goldman Sachs on the gas pipeline deal.
Reuters reported in August that companies in talks for Aramco’s gas pipeline assets include Global Infrastructure Partners (GIP), Brookfield, Singapore’s sovereign wealth fund (GIC) and Europe’s SNAM. It owns and operates gas infrastructure, as well as China’s Silk Road, China’s state-backed investment fund CNIC, South Korea’s sovereign wealth fund – the Korea Investment Corporation (KIC) – and NH Investment and Securities.
One of the sources said potential buyers are expected to submit bids at the end of October.
Earlier in the year, Aramco, similar to the Abu Dhabi National Oil Company (ADNOC), relied on a lease-and-leaseback agreement to sell a 49% stake in the newly established Aramco Oil Pipelines Company to the buyer and 25-year rights to pay fees on oil transported by affiliated pipelines. she has.
It intends to use a structure similar to gas pipelines.
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