Riyadh – Mubasher: Saudi Arabia Oil Company (Saudi Aramco) aims to generate double-digit billions of dollars, Bloomberg quoted Senior Vice President Abdulaziz Al Gudaimi as saying.
The oil company adopts a strategy that is meant to create value and create efficiency, “it’s not about a specific capital target or financing the dividends of the company,” Abdulaziz Al Gudaimi added.
Aramco intends to raise tens of billions of dollars by selling more stakes in its businesses. The official clarified that the sales will continue over the coming few years, as they will happen “irrespective of any market conditions.”
Al Gudaimi added, “All the major international oil companies have gone through a process of portfolio optimization, so we can learn from all of them.”
Last month, an international investor consortium including UAE-based Mubadala and EIG closed a $12.4 billion worth share sale and purchase agreement with Aramco, through the sale of leasing rights over oil pipelines.
