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    2222   SA14TG012N13

SAUDI ARABIAN OIL COMPANY

(2222)
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End-of-day quote. End-of-day quote Saudi Arabian Stock Exchange - 09/16
35.15 SAR   0.00%
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Saudi Arabian Oil : Aramco seeks financing advisor for gas pipeline deal -sources

06/29/2021 | 04:43am EDT

DUBAI, June 29 (Reuters) - Saudi Aramco has invited banks to pitch for an advisory role to help finance the sale of a significant minority stake in its gas pipelines, the oil giant's second major midstream deal after a $12.4 billion deal for oil pipelines, three sources said.

Aramco has already hired Morgan Stanley as an M&A advisor and the financing advisory role is up for grabs among banks, two of the sources said.

The gas pipeline stake sale will be a "copy paste" of the oil pipeline deal, one of the sources said.

Aramco has used a lease and lease-back agreement to sell a 49% stake of newly formed Aramco Oil Pipelines Co to the buyer and rights to 25 years of tariff payments for oil carried on its pipelines.

The pipeline deal was backed by nearly $11 billion in debt underwritten by eight banks and subsequently syndicated to an additional 10 banks, two sources told Reuters earlier.

Japanese lender MUFG had advised on the financing for the oil pipeline assets and was in a strong position for the new role though Aramco has not made any decision yet, the two sources said.

Aramco did not immediately respond to a Reuters request for comment.

Morgan Stanley and MUFG declined to comment.

Aramco's sale of a minority stake in its oil pipelines for $12.4 billion to a consortium led by EIG Global Energy Partners was its largest deal since a record $29.4 billion initial public offering in late 2019. The deal closed on June 20.

The financing for that deal is expected to be taken out by bonds across two or three deals, with the first expected in the first quarter of 2022. The gas pipelines deal financing is also expected to be taken out with bonds, one of the sources said.

The structure follows similar deals by Abu Dhabi National Oil Co (ADNOC), which has raised billions of dollars through sale-and-leaseback deals of its oil and gas pipeline assets.

Saudi Arabia is the world's sixth largest gas market, according to Aramco, whose Master Gas System (MGS) derives value from its range of gas deposits and helps deliver it to consumers. (Reporting by Saeed Azhar, Hadeel Al Sayegh and Yousef Saba; editing by David Evans)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
MITSUBISHI UFJ FINANCIAL GROUP, INC. -0.86% 634 End-of-day quote.39.00%
SAUDI ARABIAN OIL COMPANY 0.00% 35.15 End-of-day quote.0.43%
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Analyst Recommendations on SAUDI ARABIAN OIL COMPANY
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Financials
Sales 2021 1 352 B 361 B 361 B
Net income 2021 367 B 97 949 M 97 949 M
Net Debt 2021 245 B 65 254 M 65 254 M
P/E ratio 2021 19,2x
Yield 2021 4,02%
Capitalization 7 026 B 1 874 B 1 874 B
EV / Sales 2021 5,38x
EV / Sales 2022 4,94x
Nbr of Employees 79 000
Free-Float 1,76%
Chart SAUDI ARABIAN OIL COMPANY
Duration : Period :
Saudi Arabian Oil Company Technical Analysis Chart | 2222 | SA14TG012N13 | MarketScreener
Technical analysis trends SAUDI ARABIAN OIL COMPANY
Short TermMid-TermLong Term
TrendsNeutralBearishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 17
Last Close Price 35,15 SAR
Average target price 35,21 SAR
Spread / Average Target 0,17%
EPS Revisions
Managers and Directors
Amin bin Hasan Al-Nasser President, CEO & Executive Director
Khalid Hashim Al-Dabbagh Director, SVP-Finance, Strategy & Development
Yasir bin Othman Al-Rumayyan Chairman
Ahmad Abdul Rahman Al-Sa'adi Senior Vice President-Technical Services
Ziad Thamer Al-Murshed Vice President-International Operations
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