Big deal: Saudi Aramco engineers working in eastern Saudi Arabia. The world’s biggest crude producer says a US-led group would invest US$12.4bil in its oil pipelines. ─ AFP
NEW YORK: There was a time when the Middle East’s petrostates recoiled from using their crown jewels to raise money from foreign investors.
Not any more. In the space of a few weeks, Saudi Arabia, the United Arab Emirates (UAE), Qatar, Oman and Kuwait have all accelerated multi-billion-dollar plans to sell energy assets or issue bonds off the back of them. Capping that trend, Saudi Crown Prince Mohammed bin Salman said Tuesday the kingdom was in talks with an unidentified “global energy company” to sell a stake worth about US$20bil (RM82bil) in state oil firm Aramco.
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