Apollo is said to lead buyout group for $10 billion Aramco Deal

Apollo is said to lead buyout group for $10 billion Aramco Deal

Apollo Global Management Inc. is leading a group of investors aiming to buy a roughly $10 billion stake in Saudi Aramco's oil pipelines, people familiar with the matter said.

The buyout firm's consortium will include U.S. and Chinese investors and has been shortlisted to make a final offer, the people said, asking not to be identified as the matter is private.

Aramco, Saudi Arabia's state energy company, has narrowed the pool of bidders and Canada's Brookfield Asset Management Inc. and BlackRock Inc. are no longer involved, the people said.

While the details were unclear, the move could alleviate pressure on Aramco's balance sheet and free up some of the $73.5 billion of annual dividends it makes to the government

While the Apollo consortium is currently seen as a leading contender, another bidder could still emerge as the winner, the people said.

Aramco, the world's biggest oil company, may choose a winner in the coming weeks, though it could decide not to sell the stake, according to the people.

Apollo didn't respond to requests for comment. Representatives for Aramco, BlackRock and Brookfield declined to comment.

The potential sale is part of Saudi Arabia's plan to further open up to foreign investors and use the money to diversify the