RIYADH: BlackRock, Brookfield Asset Management and EIG are among firms that made final bids for a stake in Saudi Aramco’s natural-gas pipeline network that could fetch more than $15 billion, Bloomberg reported citing people familiar with the matter.
Italian energy infrastructure operator Snam SpA, China’s state-backed Silk Road Fund Co. and Saudi government-controlled Hassana Investment Co. also made offers, the people said, asking not to be identified discussing confidential information.
Bidders are now discussing teaming up to form a consortium, while the oil giant Aramco might inform suitors on the outcome of their bids as soon as this month, the people said.
Western companies are still showing interest in Middle Eastern oil and gas assets and infrastructure, despite the increased focus on investments that support the transition away from fossil fuels.
BlackRock and KKR & Co. put $4 billion into Abu Dhabi’s oil pipelines in 2019.
Snam was part of a consortium that agreed in 2020 to buy a $10.1 billion stake in Abu Dhabi National Oil Co.’s natural gas pipeline network.