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Saudi Aramco has chosen JPMorgan and Goldman Sachs to advise them on the sale of a stake in its gas pipelines, sources told Reuters.
Aramco kicked out of deal Morgan Stanley Bank, which was among Aramco’s top advisers in its initial global offering in 2019, after being previously kicked out of the pipeline system sale deal that took place recently.
Reuters sources also reported that Aramco has invited banks to give advice on financing the gas pipeline deal, which is the second major deal after the pipeline deal, and is expected to proceed according to the same structure.
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 asset sales will continue over the next several years, according to Bloomberg.
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