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NH INVESTMENT & SECURITIES CO., LTD.

(A005940)
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NH Investment & Securities : Saudi Aramco taps banks for $12-14 billion gas pipeline loan - sources

10/11/2021 | 05:18am EST
FILE PHOTO: Saudi Aramco logo is pictured at the oil facility in Abqaiq

DUBAI (Reuters) - Saudi Aramco has asked banks to arrange a loan expected to be in the $12 billion-14 billion range that it plans to offer to buyers of its gas pipeline network, sources said, as the oil giant advances plans to raise funds from asset sales.

Aramco could raise at least $17 billion from the sale of a significant minority stake in its gas pipelines, sources have previously told Reuters. The stake would be offered with a loan financing package already in place, worth about 80% of the price.

Banks that financed a $12.4 billion acquisition of the company's oil pipelines earlier this year received a request for proposals from Aramco last week, said three sources familiar with the matter.

That deal, which included all of Aramco's existing and future stabilised crude pipelines, was backed by $10.5 billion financing from a large group of banks including Citi, HSBC and JPMorgan.

Aramco did not immediately respond to a request for comment on the new financing for gas pipelines. It is working with JPMorgan and Goldman Sachs on the gas pipeline deal, sources have said.

Reuters reported in August that companies that have been in talks for Aramco's gas pipeline assets include Global Infrastructure Partners (GIP), Brookfield, Singapore sovereign wealth fund GIC, European gas infrastructure owner and operator SNAM, as well as China's Silk Road, Chinese state-backed investment fund CNIC Corp, South Korea's sovereign wealth fund Korean Investment Corp (KIC) and NH Investment & Securities.

Potential buyers are expected to submit bids at the end of October, said one of the sources.

Earlier this year Aramco, similar to Abu Dhabi National Oil Co (ADNOC), used a 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.

It plans to use a similar structure for its gas pipelines.

(Editing by Peter Graff)

By Hadeel Al Sayegh, Davide Barbuscia and Saeed Azhar


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
NH INVESTMENT & SECURITIES CO., LTD. -2.37% 12350 End-of-day quote.9.29%
SAUDI ARABIAN OIL COMPANY -0.72% 34.65 End-of-day quote.-1.00%
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Financials
Sales 2021 2 275 B 1,92 B 1,92 B
Net income 2021 885 B 0,75 B 0,75 B
Net Debt 2021 - - -
P/E ratio 2021 4,21x
Yield 2021 7,21%
Capitalization 3 887 B 3 275 M 3 289 M
Capi. / Sales 2021 1,71x
Capi. / Sales 2022 1,88x
Nbr of Employees 2 971
Free-Float 42,3%
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Number of Analysts 11
Last Close Price 12 350,00 KRW
Average target price 15 800,00 KRW
Spread / Average Target 27,9%
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Young-Chae Jeong President, Chief Executive Officer & Director
Yong-Seok Jeon Managing Director & Head-Information Technology
Young-Kyun Na Managing Director & Head-Operation
Yong-Han Lee Head-Compliance Support
Hong-Yul Jeon Independent Director
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