#Saudi Aramco taps banks for $12-14 bln gas pipeline loan - sources | Reuters

Saudi Aramco taps banks for $12-14 bln gas pipeline loan - sources | Reuters

Saudi Aramco (2222.SE) has asked banks to arrange a loan expected to be in the $12 billion-14 billion range that it plans to offer to buyers of its gas pipeline network, sources said, as the oil giant advances plans to raise funds from asset sales.

Aramco could raise at least $17 billion from the sale of a significant minority stake in its gas pipelines, sources have previously told Reuters. The stake would be offered with a loan financing package already in place, worth about 80% of the price.

Banks that financed a $12.4 billion acquisition of the company's oil pipelines earlier this year received a request for proposals from Aramco last week, said three sources familiar with the matter.

That deal, which included all of Aramco's existing and future stabilised crude pipelines, was backed by $10.5 billion financing from a large group of banks including Citi, HSBC and JPMorgan.