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    Aramco gets bids for gas pipe grid: press

Summary

The sale is expected to raise over $15bn, which would help Aramco deliver on its 2019 IPO pledge of issuing $75bn in annual dividends.

by: Joseph Murphy

Posted in:

Complimentary, Natural Gas & LNG News, Middle East, Corporate, Mergers & Acquisitions, Infrastructure, Pipelines, News By Country, Saudi Arabia

Aramco gets bids for gas pipe grid: press

Saudi Aramco has received final bids from BlackRock, Brookfield Asset Management and EIG and others for a stake in Saudi Arabia's gas pipeline network, Bloomberg reported on November 10.

Other bidders include the Saudi Government-controlled Hassana Investment, Italy’s Snam and China’s Silk Road Fund, the news agency reported, citing sources. The sale is expected to raise over $15bn, which would help Aramco deliver on its 2019 IPO pledge of issuing $75bn in annual dividends. The company has kept this promise despite the impact of the coronavirus pandemic on oil markets last year.

The final bidders are in talks to form a consortium to acquire the stake in Aramco's pipeline network, Bloomberg said. The agency previously reported that the sale would be structured in a similar way to Aramco's $12.4bn sale of a 49% interest in its oil pipelines earlier this year.