Saudi Aramco has chosen Citigroup to advise on selling a stake in its oil export and storage terminals business, potentially raising billions. The company also previously selected JPMorgan Chase for other sales. Discussions are in early stages, with plans to start the formal sale process next year. This move aligns with Aramco’s strategy to divest assets and generate capital for future investments.

Aramco’s oil storage and export network includes facilities in Saudi Arabia, the Netherlands, Egypt, and Japan. The decision to sell part of its oil terminals business comes as Aramco adjusts to changing market conditions, including a 16% decline in oil prices this year. Asset sales are seen as a way to strengthen the company’s financial position amid project delays.

Citigroup declined to comment on the appointment, and Aramco has not provided further details on the stake sale. In September, a consortium led by Global Infrastructure Partners was reportedly negotiating financing for Aramco’s Jafurah gas development deal. JPMorgan and Sumitomo Mitsui Banking are among the financial institutions involved in discussions.

The news was originally reported by Offshore Technology. Please note that the information provided is for general informational purposes only and should not be relied upon as advice. Professional advice should be sought before making any decisions based on the content.

Read more at Yahoo Finance: Aramco selects Citigroup for oil storage terminals stake sale