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  • Malkhodr @lemmygrad.ml
    9·
    5 days ago

    ❗️Aramco to reorganize business, create new gas division

    Saudi oil giant Aramco is planning to reorganize its operations and establish a new gas division, potentially creating opportunities to list some business units in the future to raise funds, two sources familiar with the matter told Reuters.

    The restructuring follows a broader strategy among Gulf state-owned energy companies of selling stakes in parts of their businesses to external investors while maintaining operational control and largely keeping their core oil-producing operations closed to outside investment.

    Similar deals have seen the UAE’s state-owned oil company ADNOC list stakes in its gas, drilling and retail fuel businesses. Aramco is itself publicly listed and also owns publicly traded subsidiaries, including petrochemicals giant SABIC. Both companies have also raised billions of dollars through the sale of stakes in infrastructure assets such as oil and gas pipelines.

    The new gas division would give Aramco a dedicated platform to develop its domestic natural gas resources while expanding its liquefied natural gas portfolio internationally.

    https://t.me/thecradlemedia/68305