Saudi Aramco Oil Company Started Negotiations on sale up to 49 percent of its oil pipeline business American, Chinese and local investors. About it reports The Wall Street Journal with reference to the sources.
The amount of the transaction is estimated in the amount of from 10 to 15 billion dollars. According to the publication, Saudi Aramco owns more than 90 percent of all Saudi oil pipelines. Leaving a majority share, Aramco will retain control of assets. Buyers organize an enterprise that will receive money from the company for the transportation of Saudi oil.
Thus, the country wants to reduce its dependence on oil. The proceeds from the sale should go to the development of technologies, tourism and other industries. In addition, such a step can increase the attractiveness of the kingdom in the eyes of foreign investors.
Previously, Saudi Aramco was caught in lies. The company does not disclose investors full information on emissions into the atmosphere from its refineries and chemical industries. Before entering the IPO in 2019, Saudi Aramco promised potential investors that they acquire a share in a company that produces less carbon dioxide emissions into the atmosphere than other manufacturers.