Latest news with #assetSales
Arabian Business
26-05-2025
- Business
- Arabian Business
Saudi Aramco weighs asset sales to boost liquidity, say sources
Saudi state oil giant Aramco is reportedly exploring potential asset sales to free up funds, apparently to fund its international expansion plans. The move is also said to be to cushion the impact of lower crude prices. Aramco is looking to improve efficiency and cut costs, and an option under consideration would be asset sales, Reuters reported, citing unnamed sources. Lower crude price drags Aramco profits down to $26.01bn The company has asked investment bankers to pitch ideas for how to raise funds from its assets, the report said. Reuters, however, said its sources declined to say which assets could be sold or name the banks involved. The wire service said the firm declined to comment on the issue. Aramco is the world's largest oil-producing company and the main source of Saudi state revenue. Oil price hits Aramco The Reuters report said the firm will slash dividend payouts by nearly a third this year as lower oil prices hit its income. Aramco is the engine of the Saudi economy, and its sprawling business includes units for aviation, construction and sports. It has retained majority stakes during previous asset sales, such as its deals around its pipeline infrastructure. The Saudi government is putting pressure on its industries to improve profitability amid low crude prices and as it spends its hydrocarbon wealth on new sectors to cut reliance on oil. The kingdom faces a widening budget deficit, with the International Monetary Fund saying Riyadh needs an oil price of over $90 per barrel to balance its books, compared to prices of around $60 per barrel in recent weeks. Aramco has in recent years made a push to grow its global footprint, including investing in Chinese refineries, Chilean fuel retailer Esmax and US-headquartered LNG firm MidOcean.
Zawya
26-05-2025
- Business
- Zawya
Saudi Aramco considers asset sales to free up funds, sources say
DUBAI/NEW YORK - Saudi state oil giant Aramco is exploring potential asset sales to free up funds, two people with knowledge of the matter said, as it pursues an international expansion and weathers lower crude prices Aramco is the world's largest oil-producing company and the main source of Saudi state revenue. The firm will slash dividend payouts by nearly a third this year as lower oil prices hit its income. The company has asked investment bankers to pitch ideas for how to raise funds from its assets, the sources said. The sources declined to say which assets could be sold or name the banks involved. Aramco is looking to improve efficiency and cut costs, according to two other people with knowledge of the matter, and an option under consideration would be asset sales, one of them said. The four sources declined to be named because they are not authorised to speak to media. Aramco did not respond to requests for comment. Aramco is the engine of the Saudi economy and its sprawling business includes units for aviation, construction and sports. It has retained majority stakes during previous asset sales such as its deals around its pipeline infrastructure. The Saudi government is putting pressure on its industries to improve profitability amid low crude prices and as it spends its hydrocarbon wealth on new sectors to cut reliance on oil. The kingdom faces a widening budget deficit with the International Monetary Fund saying Riyadh needs a price of oil of over $90 per barrel to balance its books compared to prices of around $60 per barrel in recent weeks. Aramco has in recent years made a push to grow its global footprint, including investing in Chinese refineries, Chilean fuel retailer Esmax and U.S.-headquartered LNG firm MidOcean. The Saudi company said last week it signed 34 preliminary deals potentially worth up to $90 billion with U.S. firms following President Donald Trump's visit to the kingdom. (Reporting by Yousef Saba, Federico Maccioni in Dubai, David French in New York, editing by Anousha Sakoui, Maha El Dahan and Louise Heavens)
Reuters
23-05-2025
- Business
- Reuters
Exclusive: Saudi Aramco considers asset sales to free up funds, sources say
DUBAI/NEW YORK, May 23 (Reuters) - Saudi state oil giant Aramco is exploring potential asset sales to free up funds, two people with knowledge of the matter said, as it pursues an international expansion and weathers lower crude prices Aramco ( opens new tab is the world's largest oil-producing company and the main source of Saudi state revenue. The firm will slash dividend payouts by nearly a third this year as lower oil prices hit its income. The company has asked investment bankers to pitch ideas for how to raise funds from its assets, the sources said. The sources declined to say which assets could be sold or name the banks involved. Aramco is looking to improve efficiency and cut costs, according to two other people with knowledge of the matter, and an option under consideration would be asset sales, one of them said. The four sources declined to be named because they are not authorised to speak to media. Aramco did not respond to requests for comment. Aramco is the engine of the Saudi economy and its sprawling business includes units for aviation, construction and sports. It has retained majority stakes during previous asset sales such as its deals around its pipeline infrastructure. The Saudi government is putting pressure on its industries to improve profitability amid low crude prices and as it spends its hydrocarbon wealth on new sectors to cut reliance on oil. The kingdom faces a widening budget deficit with the International Monetary Fund saying Riyadh needs a price of oil of over $90 per barrel to balance its books compared to prices of around $60 per barrel in recent weeks. Aramco has in recent years made a push to grow its global footprint, including investing in Chinese refineries, Chilean fuel retailer Esmax (ESMAX.O), opens new tab and U.S.-headquartered LNG firm MidOcean. The Saudi company said last week it signed 34 preliminary deals potentially worth up to $90 billion with U.S. firms following President Donald Trump's visit to the kingdom.
Bloomberg
20-05-2025
- Business
- Bloomberg
Turkey's Zorlu to Tackle $4.9 Billion Debt With Job Cuts, Sales
Zorlu Holding, one of Turkey's largest conglomerates, is readying asset sales and job cuts as part of a sweeping overhaul to ease investor concerns about its $4.9 billion debt burden. The company has already extended a portion of its loan maturities. Asset divestments, including land holdings, are a priority, according to people with direct knowledge of an investor call with Zorlu management last week that was hosted by J.P. Morgan Securities. Zorlu's businesses range from companies in real estate and textiles, to energy and manufacturing. The company has been rocked by a leadership shakeup after CEO Cem Koksal stepped down in March.
