The world’s largest oil company, Saudi Aramco, is planning to raise tens of billions of dollars by selling more stakes in its businesses, Bloomberg reported this week.
The Saudi Arabian state-controlled firm created a new team to review its assets last year, soon after the coronavirus pandemic triggered a plunge in energy prices and strained its balance sheet, it said.
Aramco raised $12.4 billion by selling leasing rights over oil pipelines to a US-led group of investors in April.
The sales will continue in the next few years, according to Abdulaziz Al Gudaimi, senior vice president for corporate development.
They will happen “irrespective of any market conditions” and Aramco aims to generate “double-digit billions of dollars,” Al Gudaimi said in an interview.
“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.”
