Aramco to raise billions through asset selling

Saudi Aramco is planning to raise tens of billions of dollars from selling assets over the coming years, said the financial news agency Bloomberg, citing Abdulaziz Al Gudaimi, senior vice president for corporate development.

According to the agency, Al Gudaimi said that the assets sale will take place “irrespective of any market conditions." He added that Aramco aims to generate “double-digit billions of dollars”.

“It’s a strategy meant to create value and create efficiency, it’s not about a specific capital target or financing the dividends of the company,” he told the agency. He explained that the asset review was planned before the market disruption that took place.

He told the agency that proceeds from the oil-pipelines deal and others will be used for “future growth projects,” and that they "will continue unlocking value from our assets.”

Affected by COVID-19, Aramco has been looking for outside capital to be able to meet its dividends commitment and fund new ventures.