Saudi Aramco to sell more assets, eyes multi-billion dollar yields, says exec

Logo of Saudi Aramco

Saudi Aramco, the world’s largest oil producer, is planning to continue with assets sale over the few coming years, with a deal being close in this regard, Bloomberg reported, citing Senior Vice President for Corporate Development Abdulaziz Al Gudaimi.
  

Al Gudaimi said that the assets sale will happen “irrespective of any market conditions”, adding that Aramco aims to generate “double-digit billions of dollars,”.
  

He further added, “It’s a strategy meant to create value and create efficiency, it’s not about a specific capital target or financing the dividends of the company".
  

The asset review was planned before oil’s drop in 2020, Al-Gudaimi noted.
  

He also revealed that the oil giant is reviewing what other infrastructure can be monetized and will start seeking investors for a second deal soon.
  

Proceeds from the oil-pipelines deal and others will be used for “future growth projects,” Al Gudaimi said, “We will continue unlocking value from our assets.”
  

According to the official, Aramco has substantial spending plans, even as it tries to cut its debts and ensure it can keep paying $75 billion in annual dividends, almost all of which go to the Saudi government.
  

Aramco announced in June that a consortium led by US-based EIG Global Energy Partners and Abu Dhabi's Mubadala Investment completed the acquisition of a 49% equity stake in the company's subsidiary, Aramco Oil Pipelines Co., in a deal worth $12.4 billion, according to Argaam's available data.