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Saudi Aramco aims to raise at least $17 bln from gas pipeline

Saudi Aramco aims to raise at least $17 bln from gas pipeline

Saudi Aramco, formally known as Saudi Arabian Oil Company and shortened to Aramco, is a Saudi state-owned corporation engaged in the exploration and production of oil, natural gas, and petrochemicals.

It is refining, distribution, shipping, and marketing company, which is an integrated global company that was nationalized in 1988, with its head office located in Dhahran. According to a Financial Times assessment, it has the biggest market value in the world, with a market value of $781 billion in 2006 and $7 trillion in 2010.

Aramco announced that it achieved numbers that are the first in its history, during the first half of 2019, compared to the same period in 2018, where the net income amounted to 46.9 billion dollars, compared to 53.0 billion dollars, in the Forbes Global 2000 list for the year 2020, Saudi Aramco ranked Fifth among the largest public companies in the world.

The rate of rent on crude oil production in Aramco reaches 20%, until November 2019 when the company agreed with the government that includes reducing the rent rate on crude oil production from 20% to 15%, as of January 1, 2020.

On December 12, 2019, with Aramco shares increasing by 10% to reach 38.70 Saudi riyals ($ 10.32), the value of Aramco reached two trillion dollars, making it the first company in history to break this barrier, a value that Mohammed bin Salman has always sought to emphasize.

Saudi Aramco is responsible for 4.5% of global industrial emissions of greenhouse gases from 1988 to 2015, and is thus a major contributor to climate change, which has “significant risks to health, livelihoods, food security, water availability, human security, and economic growth”.

The Saudi oil giant “Aramco,” according to “Reuters,” is aiming to raise at least $ 17 billion through the sale of a share in a gas pipeline.

 According to the sources, Aramco has contacted possible bidders through its advisers, including private equity and infrastructure firms in North America, as well as state-backed funds in China and South Korea, in the weeks leading up to the formal auction.

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