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Saudi Aramco plans to raise tens of billions of dollars by selling more stakes in its company.
Aramco put together a new team to review its assets last year, shortly after the coronavirus pandemic caused oil prices to plummet.
Aramco raised $ 12.4 billion by selling pipeline lease rights to a group of investors in April.
Aramco senior vice president of institutional development Abdulaziz Al-Qadimi said the sale of assets will continue in the coming years, according to Bloomberg, which was seen by Al Arabiya.net.
Al-Qadami added in an interview that this will happen “regardless of market conditions” as Aramco aims to raise double-digit revenues in the billions of dollars, adding that it is “a strategy to to create value and efficiency, and is not tied to a specific capital objective or the financing of the dividend of the company. “.
second case
Al-Qudaimi also said Aramco was examining other infrastructure assets that could be liquidated and would soon start seeking investors for a second deal, without further comment.
Bloomberg previously revealed Aramco’s plan to sell a stake in the pipelines.
This is because the company has branches and units involved in many other industries, including power plants, an airline, a real estate branch and an insurance company.
big expense
Aramco’s senior vice president of corporate development added that the proceeds from the pipeline deal and others will be used in “future growth projects” as the company continues to make money. the value of its assets.
He explained that the review of the asset portfolio was planned before the drop in oil prices in 2020.
Beyond committing to an annual $ 75 billion dividend and debt reduction plan, Aramco’s capital spending is expected to increase to $ 35 billion this quarter. In the long term, the company plans to spend $ 110 billion to develop the Jafurah gas field and an additional amount to increase its daily oil production capacity to 13 million barrels from 12 million.
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