Saudi Aramco plans to raise tens of billions of dollars by selling more stakes in its business.
Aramco set up a new team to review its assets last year, shortly after the coronavirus pandemic sent oil prices down.
Aramco raised $12.4 billion by selling oil pipeline lease rights to a group of investors in April.
Aramco's senior vice president of corporate development, Abdulaziz Al-Qadimi, said the asset sale will continue for the next few years, Bloomberg reported, and Al-Arabiya viewed it. net.
This will happen regardless of any market conditions, as Aramco aims to collect double-digit revenues of billions of dollars, adding that it is a strategy aimed at creating value, Qadami added in an interview. and efficiency creation, and is not related to a specific capital objective or financing the distribution of company profits.
Second Deal
Al-Qadimi also said that Aramco was reviewing other infrastructure assets that could be monetized, and would start looking for investors for a second deal soon, without further comment.
Bloomberg had earlier revealed Aramco's plan to sell a stake linked to natural gas pipelines.
This comes as the company has subsidiaries and units involved in many other industries, including power plants, an airline, a real estate arm, and an insurance company.
Big spend
Aramco's senior vice president of corporate development added that the proceeds from the oil pipeline deal and others will be used for future growth projects, as the company continues to unlock value from its assets.
He explained that the asset portfolio review was scheduled before the oil price drop in 2020.
Apart from committing to a $75 billion annual dividend and debt reduction plan, Aramco's capital spending is likely to rise by a quarter this year to $35 billion.
The company, in the long term, plans to spend $110 billion on developing the Jafurah gas field and an additional amount to increase its daily oil production capacity to 13 million barrels from 12 million.
