Aramco To Sell Stakes In Subsidiaries To Raise Cash ...Middle East

Saudi Arabia is looking to plug budget gaps by having its state-run oil giant, Saudi Aramco, sell some stakes in its subsidiaries, according to anonymous Bloomberg sources. The Kingdom’s oil company has hired Moelis & Co. to come up with a plan to sell stakes In Aramco’s pipelines for the purpose of coming up with nearly $10 billion. The move comes after Saudi Arabia’s neighbor, Abu Dhabi, engaged in a similar cash-raising activity as it, too, looks to bring in billions to prop itself up during what has become a major recession…

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