Saudi Aramco is said to pick JPMorgan, Goldman for gas pipeline deal

Saudi Aramco is said to pick JPMorgan, Goldman for gas pipeline deal

Saudi Aramco has chosen JPMorgan Chase and Goldman Sachs Group to advise on the planned sale of a multibillion-dollar stake in its natural gas pipeline network, people familiar with the matter said. The state energy giant is preparing to gauge interest in the assets from potential investors and could kick off the process soon, the people said, asking not to be identified because the information is private. It is likely to attract bids from infrastructure-focused funds, the people said. reported last month that Aramco was planning to hire Morgan Stanley for the transaction. It couldn't immediately be learned why Morgan Stanley wasn't formally appointed in the end. Bankers sometimes do early preparatory work for companies before they're officially hired on a deal, and advisers can change due to disagreements over terms of a mandate. Aramco said last month it completed the sale of a $12bn stake in its oil pipeline network to a group of investors led by US firm EIG Global Energy Partners. Sovereign fund Mubadala Investment, Samsung Asset Management, China's Silk Road Fund and Saudi government-backed Hassana Investment also joined the purchase. A deal involving the gas pipelines could be structured in a similar way to the oil