Mubasher TV
Contact Us Advertising   العربية

Aramco requests banks to arrange $12-14bn gas pipeline loan

Aramco requests banks to arrange $12-14bn gas pipeline loan
This step comes as the company seeks to raise funds from asset sales
SAUDI ARAMCO
2222
-1.60% 30.75 -0.50

Riyadh – Mubasher: Saudi Arabian Oil Company (Aramco) has requested banks to arrange a loan of between $12 billion and $14 billion that would be provided to buyers of its gas pipeline network, sources told Reuters.

The sources added that this step comes as the company seeks to raise funds from asset sales.

Previously, sources told Reuters that Aramco could secure at least $17 billion from the sale of a significant minority stake in its gas pipelines, which would be offered with a loan financing package, worth about 80% of the price.

The transaction, which included all of the company's existing and future stabilised crude pipelines, was supported by $10.5 billion financing from a number of banks including Citi, HSBC, and JPMorgan.

Noteworthy to mention, in July 2021, Bloomberg quoted Senior Vice President Abdulaziz Al Gudaimi that Aramco aims to generate double-digit billions of dollars by selling more stakes in its businesses.