Saudi Arabian Oil Company (Saudi Aramco) is currently considering acquiring a minority stake in Madrid-based energy conglomerate Repsol SA's renewable unit, Spanish newspaper Expansion reported on Friday, citing several market sources.
The report states that Saudi Aramco has reached out to the board of Repsol Renovables, expressing interest in its US-based renewable assets. The estimated valuation of Repsol Renovables stands at approximately €6 billion and the Saudi giant has not yet submitted a formal offer for consideration, the media added.
The oil giant's president and Chief Executive Officer (CEO) Amin Nasser previously announced during the World Economic Forum that the company is actively exploring investment opportunities beyond the borders of Saudi Arabia.
