Saudi Arabia's energy giant Aramco is planning to sell up to 49% of its stake in oil pipelines to a consortium of American, Chinese and local investors in a deal that can be valued between $10 billion and $15 billion, The Wal Street Journal reported on Tuesday, citing sources familiar with the matter.
The list of investors is yet to be determined, but sources say in preliminary talks it includes Apollo Global Management, energy investment firm EIG Global Energy Partners, Chinese infrastructure-focused Silk Road Fund, China Reform Fund Management, a Chinese private-equity fund and a number of Saudi pension funds.
The deal may be officially announced before the end of the week. Aramco has decided to sell the minority stake in efforts to attract foreign investors and help Saudi Arabia raise money to fund projects in technology, tourism and other industries.
