Insight - Riding the oil price rebound: Gulf states to accelerate asset sales

Raising capital: Aramco’s plant in Hawiyah. The company is looking to sell its gas pipelines under a leaseback arrangement, and could offer stakes in refineries, power plants, and potentially export terminals in the future. — Bloomberg

SAUDI Aramco and other Gulf oil producers are following in the footsteps of Abu Dhabi with plans to raise tens of billions of dollars through sales of stakes in energy assets, capitalising on a rebound in crude prices to attract foreign investors.

The moves, in a region traditionally possessive of its refineries, power plants and pipelines, highlight the pressure on petro states to raise funds to diversify their sources of revenue and to bolster national finances hit by a recent slump in oil prices and the coronavirus pandemic.