Saudi Aramco picks Citigroup to arrange planned oil terminals sale: Report

Saudi Aramco's oil tanks

Saudi Aramco selected Citigroup to organize a potential sale of a stake in its oil-export and storage terminals business, Bloomberg reported, citing sources.

The decision comes after a competitive bidding process involving several US banks, and the selection was finalized in recent days.

Sources expect the company to launch a formal sale as early as next year, with large infrastructure funds likely to show interest.

However, discussions remain at an early stage, and no final decisions have been made yet regarding the timing or structure of the transaction.

According to data available with Argaam, Bloomberg had earlier reported that Aramco is considering selling a stake in its oil-export and storage terminals as part of its broader asset sale plans.