Latest news with #gasfiredplants
Argaam
a day ago
- Business
- Argaam
Aramco considers power assets sale: Report
Saudi Arabian Oil Co. (Saudi Aramco) is reportedly considering selling up to five gas-fired power plants as part of a broader effort to raise funds, Reuters reported, citing informed sources. The potential sale of four or five gas-fired plants that power refineries could alone raise around $4 billion. The oil giant could divest assets such as housing compounds and pipelines, while port infrastructure assets could be up for sale too. Port infrastructure assets might also be put up for sale, the sources said, noting that local companies—such as utility providers—could be interested buyers.
CTV News
a day ago
- Business
- CTV News
Saudi Aramco considers power assets sale to raise billions, sources say
DUBAI — Saudi oil giant Aramco is looking to sell up to five gas-fired power plants, three sources with knowledge of the matter told Reuters, part of a broader effort to free up funds that could generate tens of billions of dollars. The potential sale of four or five gas-fired plants that power refineries could alone raise around US$4 billion as the Saudi government pushes Aramco to increase profits and payouts to the state, two of the sources said. Aramco, the world's most profitable company and the main source of Saudi state income, has been looking to sell some assets, improve efficiency and cut costs, Reuters has reported. The company will also slash dividend payouts by nearly a third this year as lower oil prices hit its income. The state, which directly owns 81.5 per cent of Aramco, is heavily reliant on the payouts, which include royalties and taxes. Besides the sale of the gas-fired plants, the company could divest assets such as housing compounds and pipelines, two of the sources said. Port infrastructure assets could also be up for sale, one of them and a third person said. Aramco declined to comment on the potential asset sales and had no immediate comment on the amount of money the fundraising drive could yield. The Saudi government communications office did not respond to Reuters requests for comment. Reuters could not determine a timeline for the sale. The three sources spoke on condition of anonymity because the process is private. Local businesses like Saudi utility firms could be interested buyers, one of the people said. Aramco fully or partly owned 18 power plants and related infrastructure locally supplying energy to its gas plants and refineries, according to its 2024 financial report. Other power plants are expected to come onstream soon. The Tanajib Gas Plant project is expected to start operations this year. The potential asset sales by Aramco coincide with Saudi Arabia Crown Prince Mohammed bin Salman's planned massive domestic projects to diversify the economy from oil while facing pressure from tumbling crude prices. Oil receipts made up 62 per cent of state revenues last year with the Saudi budget showing a deficit of more than $30 billion in 2024 despite a $199 billion windfall from Aramco. Aramco sold $5 billion of bonds in May and signaled more borrowing. The country is pouring hundreds of billions of dollars into projects including showpiece events like the Expo 2030 world fair and soccer's FIFA World Cup 2034. Aramco is also seeking to raise funds for infrastructure by bringing in investors, Reuters reported in May. (Reporting by Federico Maccioni and Yousef Saba in Dubai; Editing by Anousha Sakoui, Dmitry Zhdannikov and Emelia Sithole-Matarise)
Zawya
a day ago
- Business
- Zawya
Saudi Aramco considers power assets sale to raise billions, sources say
DUBAI - Saudi oil giant Aramco is looking to sell up to five gas-fired power plants, three sources with knowledge of the matter told Reuters, part of a broader effort to free up funds that could generate tens of billions of dollars. The potential sale of four or five gas-fired plants that power refineries could alone raise around $4 billion as the Saudi government pushes Aramco to increase profits and payouts to the state, two of the sources said. Aramco, the world's most profitable company and the main source of Saudi state income, has been looking to sell some assets, improve efficiency and cut costs, Reuters has reported. The company will also slash dividend payouts by nearly a third this year as lower oil prices hit its income. The state, which directly owns 81.5% of Aramco, is heavily reliant on the payouts, which include royalties and taxes. Besides the sale of the gas-fired plants, the company could divest assets such as housing compounds and pipelines, two of the sources said. Port infrastructure assets could also be up for sale, one of them and a third person said. Aramco declined to comment on the potential asset sales and had no immediate comment on the amount of money the fundraising drive could yield. The Saudi government communications office did not respond to Reuters requests for comment. Reuters could not determine a timeline for the sale. The three sources spoke on condition of anonymity because the process is private. Local businesses like Saudi utility firms could be interested buyers, one of the people said. Aramco fully or partly owned 18 power plants and related infrastructure locally supplying energy to its gas plants and refineries, according to its 2024 financial report. Other power plants are expected to come onstream soon. The Tanajib Gas Plant project is expected to start operations this year. The potential asset sales by Aramco coincide with Saudi Arabia Crown Prince Mohammed bin Salman's planned massive domestic projects to diversify the economy from oil while facing pressure from tumbling crude prices. Oil receipts made up 62% of state revenues last year with the Saudi budget showing a deficit of more than $30 billion in 2024 despite a $199 billion windfall from Aramco. Aramco sold $5 billion of bonds in May and signalled more borrowing. The country is pouring hundreds of billions of dollars into projects including showpiece events like the Expo 2030 world fair and soccer's FIFA World Cup 2034. Aramco is also seeking to raise funds for infrastructure by bringing in investors, Reuters reported in May. (Reporting by Federico Maccioni and Yousef Saba in Dubai; Editing by Anousha Sakoui, Dmitry Zhdannikov and Emelia Sithole-Matarise)
Reuters
a day ago
- Business
- Reuters
Exclusive: Saudi Aramco considers power assets sale to raise billions, sources say
DUBAI, July 4 (Reuters) - Saudi oil giant Aramco ( opens new tab is looking to sell up to five gas-fired power plants, three sources with knowledge of the matter told Reuters, part of a broader effort to free up funds that could generate tens of billions of dollars. The potential sale of four or five gas-fired plants that power refineries could alone raise around $4 billion as the Saudi government pushes Aramco to increase profits and payouts to the state, two of the sources said. Aramco, the world's most profitable company and the main source of Saudi state income, has been looking to sell some assets, improve efficiency and cut costs, Reuters has reported. The company will also slash dividend payouts by nearly a third this year as lower oil prices hit its income. The state, which directly owns 81.5% of Aramco, is heavily reliant on the payouts, which include royalties and taxes. Besides the sale of the gas-fired plants, the company could divest assets such as housing compounds and pipelines, two of the sources said. Port infrastructure assets could also be up for sale, one of them and a third person said. Aramco declined to comment on the potential asset sales and had no immediate comment on the amount of money the fundraising drive could yield. The Saudi government communications office did not respond to Reuters requests for comment. Reuters could not determine a timeline for the sale. The three sources spoke on condition of anonymity because the process is private. Local businesses like Saudi utility firms could be interested buyers, one of the people said. Aramco fully or partly owned 18 power plants and related infrastructure locally supplying energy to its gas plants and refineries, according to its 2024 financial report. Other power plants are expected to come onstream soon. The Tanajib Gas Plant project is expected to start operations this year. The potential asset sales by Aramco coincide with Saudi Arabia Crown Prince Mohammed bin Salman's planned massive domestic projects to diversify the economy from oil while facing pressure from tumbling crude prices. Oil receipts made up 62% of state revenues last year with the Saudi budget showing a deficit of more than $30 billion in 2024 despite a $199 billion windfall from Aramco. Aramco sold $5 billion of bonds in May and signalled more borrowing. The country is pouring hundreds of billions of dollars into projects including showpiece events like the Expo 2030 world fair and soccer's FIFA World Cup 2034. Aramco is also seeking to raise funds for infrastructure by bringing in investors, Reuters reported in May.
Yahoo
a day ago
- Business
- Yahoo
Exclusive-Saudi Aramco considers power assets sale to raise billions, sources say
By Federico Maccioni and Yousef Saba DUBAI (Reuters) -Saudi oil giant Aramco is looking to sell up to five gas-fired power plants, three sources with knowledge of the matter told Reuters, part of a broader effort to free up funds that could generate tens of billions of dollars. The potential sale of four or five gas-fired plants that power refineries could alone raise around $4 billion as the Saudi government pushes Aramco to increase profits and payouts to the state, two of the sources said. Aramco, the world's most profitable company and the main source of Saudi state income, has been looking to sell some assets, improve efficiency and cut costs, Reuters has reported. The company will also slash dividend payouts by nearly a third this year as lower oil prices hit its income. The state, which directly owns 81.5% of Aramco, is heavily reliant on the payouts, which include royalties and taxes. Besides the sale of the gas-fired plants, the company could divest assets such as housing compounds and pipelines, two of the sources said. Port infrastructure assets could also be up for sale, one of them and a third person said. Aramco declined to comment on the potential asset sales and had no immediate comment on the amount of money the fundraising drive could yield. The Saudi government communications office did not respond to Reuters requests for comment. Reuters could not determine a timeline for the sale. The three sources spoke on condition of anonymity because the process is private. Local businesses like Saudi utility firms could be interested buyers, one of the people said. Aramco fully or partly owned 18 power plants and related infrastructure locally supplying energy to its gas plants and refineries, according to its 2024 financial report. Other power plants are expected to come onstream soon. The Tanajib Gas Plant project is expected to start operations this year. The potential asset sales by Aramco coincide with Saudi Arabia Crown Prince Mohammed bin Salman's planned massive domestic projects to diversify the economy from oil while facing pressure from tumbling crude prices. Oil receipts made up 62% of state revenues last year with the Saudi budget showing a deficit of more than $30 billion in 2024 despite a $199 billion windfall from Aramco. Aramco sold $5 billion of bonds in May and signalled more borrowing. The country is pouring hundreds of billions of dollars into projects including showpiece events like the Expo 2030 world fair and soccer's FIFA World Cup 2034. Aramco is also seeking to raise funds for infrastructure by bringing in investors, Reuters reported in May. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
