Apollo, GIP bid for Saudi Aramco’s $10 bln pipeline stake: report

23/02/2021 Argaam

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Apollo Global Management Inc. and Global Infrastructure Partners (GIP) are among suitors that bid for a stake in Saudi Aramco’s oil pipelines worth $10 billion (SAR 37.5 billion), Bloomberg reported, citing unnamed sources close to the matter. 

 

Moreover, Canada’s Brookfield Asset Management Inc., BlackRock Inc., sovereign wealth fund China Investment Corp. and Beijing-backed Silk Road Fund Co. have also made non-binding offers.  

 

Pension funds in Abu Dhabi and Saudi Arabia separately submitted initial bids, while some prominent family-owned groups in the Kingdom, are also considering partnering with other investors to bid for the deal, the sources added. 

 

Saudi Aramco is studying the proposals before deciding which companies will be invited to make binding offers. Bidders may team up later in the process, the sources noted. 

 

In December 2020, Saudi Aramco was said to have hired Moelis & Co. to set a strategy for selling a stake in its pipeline business, Argaam reported. 

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