Aramco reportedly hires Moelis to raise billions of dollars from investors


Saudi Aramco has reportedly hired Moelis to create a roadmap to sell stakes in some of Aramco's subsidiaries, potentially raising billions of dollars, Bloomberg reported, citing anonymous sources. Around $10 billion will be raised by selling a stake in Aramco's pipelines.


Like most oil and gas companies, Saudi Aramco has been impacted by the coronavirus pandemic, with fewer people traveling and commuting. For countries with oil-dependent economies, this has led to renewed efforts to bring in investments.


This follows a similar move by ADNOC, which has sold shares in its retail unit as well as leasing rights for gas pipelines. Moelis helped the company raise more than $15 billion.


Moelis also played a role in Saudi Aramco's initial public offering.


Credit to www.oilandgasmiddleeast.com

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