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Bond Market News
Brookfield, KKR Seeking to Pump $10 Billion in Aramco Pipelines
January 21, 2021
Brookfield Asset Management and KKR along with Apollo Global Management are likely to be the top bidders for the Saudi Aramco’s oil pipeline project. Aramco has been seeking to raise capital through the sale of its non-core assets as it looks to fund its $75bn dividend payout, most of which goes to the Saudi Kingdom. Offers are also likely to come from Chinese Investment funds in response to the expression of interest by Aramco’s stake sale, which could be worth $10bn. According to Bloomberg, the oil giant is lining up a loan of ~$7.5bn to potential investors in the oil pipelines. The strategy has earlier been used by the Abu Dhabi National Oil Co (ADNOC) to raise $10.1bn through the sale of its natural gas pipelines last year to a group led by Brookfield and GIC.
Aramco’s bonds were flat. Its 4.25% 2039s and 3.25% 2050s were up 0.02 and 0.05 respectively to trade at 114.3 and 97.77.
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