Falling oil prices: Saudi Aramco may sell stake in division
US, WASHINGTON (ORDO NEWS) — Saudi Oil Corporation Saudi Aramco is considering the possibility of selling a stake in its division to raise capital amid falling oil prices. This was reported by Bloomberg agency, citing informed sources.
It is noted that we are talking about a unit that ensures the operation of pipelines.
According to the agency, the corporation has already held preliminary negotiations with potential consultants for the transaction, however, it is indicated that they are at an early stage, and the company may still refuse to implement the transaction.
According to sources, the proceeds from the sale of the stake may be about $ 10 billion.
Saudi Aramco declined to comment.
Oil prices plummeted after Russia and Saudi Arabia were unable to agree on a reduction in oil production after March, when current arrangements expire. Moreover, the former allies intend to actively increase production in April, which observers have dubbed the price war.
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