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MarketScreener Homepage  >  Equities  >  Saudi Arabian Stock Exchange  >  Saudi Arabian Oil Company    2222   SA14TG012N13

SAUDI ARABIAN OIL COMPANY

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Saudi Aramco and BlackRock, others, discussing deal worth over $10 billion - sources

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10/13/2020 | 10:58am EDT
FILE PHOTO: Oil tanks are seen at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia

DUBAI (Reuters) - Saudi Aramco is in talks with BlackRock and other investors on a planned deal worth over $10 billion to sell a stake in its pipeline business, sources said.

The deal, internally dubbed "Project Seek", is still in its initial phase and there is no formal decision on the investors yet, one of the two sources familiar with the matter said.

The transaction would be similar to infrastructure deals signed this and last year by Abu Dhabi's national oil company ADNOC.

Those raised billions of dollars by leasing its oil and gas pipelines assets to investor partners.

The deal would provide Aramco with cash at a time of low oil prices caused by the coronavirus crisis.

It also faces a $75 billion dividend it has pledged to investors during its initial public offering last year.

"There's more work to be done. No buyers have been lined up, but there are talks," said the first source, speaking anonymously as the discussions are private.

Another source familiar with the matter said Brookfield Asset Management was also involved in the discussions.

Aramco did not immediately respond to a request for comment. BlackRock and Brookfield declined to comment.

JPMorgan and Japan's MUFG have been hired to advise the company on the deal, sources have previously told Reuters.

Talks are continuing regarding the type of financing investors would raise to back their acquisition, the first source said, adding it could involve a syndicated loan and a bond issuance linked to revenue from the assets.

ADNOC signed a $10 billion deal for its gas pipeline infrastructure this year with investors including Toronto-based Brookfield Asset Management, which manages around $550 billion in assets.

That deal was backed by an $8 billion two-year bridge loan, which the group of investors plan to replace with a bond issuance at or before its maturity, sources have told Reuters.

BlackRock, the world's biggest asset manager, along with buyout firm KKR & Co, last year bought a 40% stake in ADNOC Oil Pipelines for $4 billion.

(Reporting by Davide Barbuscia and Hadeel Al Sayegh; editing by Jason Neely)

By Davide Barbuscia and Hadeel Al Sayegh


Stocks mentioned in the article
ChangeLast1st jan.
BLACKROCK, INC. -1.23% 614.53 Delayed Quote.22.25%
BROOKFIELD ASSET MANAGEMENT INC. -2.56% 41.93 Delayed Quote.-16.17%
JPMORGAN CHASE & CO. -1.89% 99.33 Delayed Quote.-28.74%
KKR & CO. INC. -1.89% 35.81 Delayed Quote.22.76%
LONDON BRENT OIL -1.58% 39.95 Delayed Quote.-37.71%
MITSUBISHI UFJ FINANCIAL GROUP, INC. -0.94% 419.4 End-of-day quote.-29.30%
SAUDI ARABIAN OIL COMPANY 1.17% 34.5 End-of-day quote.-2.13%
WTI -2.03% 38.045 Delayed Quote.-36.11%
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Financials
Sales 2020 823 B 219 B 219 B
Net income 2020 199 B 53 094 M 53 094 M
Net Debt 2020 322 B 85 764 M 85 764 M
P/E ratio 2020 35,6x
Yield 2020 4,00%
Capitalization 6 896 B 1 839 B 1 839 B
EV / Sales 2020 8,77x
EV / Sales 2021 6,73x
Nbr of Employees 79 000
Free-Float 1,76%
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Technical analysis trends SAUDI ARABIAN OIL COMPANY
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Income Statement Evolution
Consensus
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Mean consensus HOLD
Number of Analysts 16
Average target price 32,46 SAR
Last Close Price 34,50 SAR
Spread / Highest target 13,0%
Spread / Average Target -5,91%
Spread / Lowest Target -30,4%
EPS Revisions
Managers
NameTitle
Amin bin Hasan Al-Nasser President, CEO & Executive Director
Yasir bin Othman Al-Rumayyan Chairman
Khalid H. Al-Dabbagh Senior VP-Finance, Strategy & Development
Ahmad Abdul Rahman Al-Sa'adi Senior Vice President-Technical Services
Mark Moody-Stuart Independent Non-Executive Director
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