Two National Guard members shot near White House
Investing.com -- Saudi Aramco has selected Citigroup Inc. to arrange a potential multibillion-dollar stake sale in its oil export and storage terminals business, according to a Bloomberg report on Wednesday.
The US investment bank was reportedly chosen in recent days following a competitive pitching process involving several Wall Street lenders.
The Saudi oil giant is expected to begin a formal sale process as early as next year, which will likely attract interest from large infrastructure funds. Discussions remain at an early stage, with no final decisions made regarding the timing or structure of the transaction.
Aramco is exploring various options, including selling an equity stake in the business, as reported by Bloomberg earlier this week. The company aims to raise billions of dollars from such a sale.
This mandate represents a significant win for Citigroup , whose Chief Executive Officer Jane Fraser has been making renewed efforts to secure business from large corporations and sovereign wealth funds in the Middle East.
In previous infrastructure divestments, Aramco had engaged JPMorgan Chase & Co. as a sell-side adviser when it sold stakes in its oil and gas pipeline infrastructure in separate transactions.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.