Apollo said to lead alliance for acquisition of Saudi Aramco’s $10 bln pipelines

Logo of Saudi Aramco

Apollo Global Management Inc. is leading a group of investors to acquire a $10 billion stake in Saudi Aramco’s oil pipelines, Bloomberg reported, citing unnamed sources familiar with the matter.

The consortium will include US and Chinese investors and has been shortlisted to make a final offer, as Canada’s Brookfield Asset Management Inc. and BlackRock Inc. are no longer among the bidders.

Aramco may choose a winner in the coming weeks, though it could decide not to sell the stake, the sources added.

In December 2020, the world’s largest oil exporter hired Moelis & Co. to sell a stake in its pipeline business, Argaam earlier reported.

Moreover, Canada’s Brookfield Asset Management Inc., BlackRock Inc., sovereign wealth fund China Investment Corp. and Beijing-backed Silk Road Fund Co. also made non-binding offers for a stake in Aramco’s oil pipelines.