Aramco reportedly hires Moelis to raise billions of dollars from investors

Aramco reportedly hires Moelis to raise billions of dollars from investors

Saudi Aramco has reportedly hired Moelis to create a roadmap to sell stakes in some of Aramco's subsidiaries, potentially raising billions of dollars, Bloomberg reported, citing anonymous sources. Around $10 billion will be raised by selling a stake in Aramco's pipelines.

Like most oil and gas companies, Saudi Aramco has been impacted by the coronavirus pandemic, with fewer people traveling and commuting. For countries with oil-dependent economies, this has led to renewed efforts to bring in investments.

This follows a similar move by ADNOC, which has sold shares in its retail unit as well as leasing rights for gas pipelines. Moelis helped the company raise more than $15 billion.

Moelis also played a role in Saudi Aramco's initial public offering.