Analysis: Riding the oil price rebound: Gulf states to accelerate asset sales | Reuters
Saudi Aramco and other Gulf oil producers are following in the footsteps of Abu Dhabi with plans to raise tens of billions of dollars through sales of stakes in energy assets, capitalising on a rebound in crude prices to attract foreign investors.
The moves, in a region traditionally possessive of its refineries, power plants and pipelines, highlight the pressure on petrostates to raise funds to diversify their sources of revenue and to bolster national finances hit by a recent slump in oil prices and the coronavirus pandemic.
After selling a significant minority stake in its oil pipelines to foreign investors for $12.4 billion in June, Saudi Aramco (2222.SE) is weighing selling both downstream and upstream assets, two people familiar with the matter said.
Aramco is looking to sell its gas pipelines under a leaseback arrangement, and could offer stakes in refineries, power plants, and potentially export terminals in the future, the people said.
Stakes in upstream projects such as hydrogen could also be offered to strategic investors, one of the sources said.
Smaller producers Oman and Bahrain are also contemplating similar asset sales, other sources said.
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