November 27, 2025 [Yahoo Finance]- Saudi Aramco has selected Citigroup to advise on the planned sale of a stake in its oil export and storage terminals business, reported Bloomberg, citing people familiar with the matter.

The appointment follows a competitive process involving several major investment banks, with Citigroup emerging as the preferred adviser in recent days.

Previously, the company mandated JPMorgan Chase as a sell-side adviser for separate sales of stakes in its oil and gas pipeline infrastructure.

The proposed transaction could raise several billion dollars for Aramco, although discussions remain at an early stage.

No final decisions have been made regarding the structure or timing of the sale, according to the report.

The Saudi energy company is expected to begin a formal sale process next year, which may attract interest from large infrastructure funds.

This move aligns with its broader strategy to divest assets, including parts of its real estate portfolio, as it seeks to generate capital for future investments.

Aramco’s oil storage and export network includes major facilities at Ras Tanura on the Persian Gulf and terminals on the Red Sea.

The company owns interests in product terminals in the Netherlands and holds leases for crude and product storage in Egypt and Okinawa, Japan.

Bloomberg said that Aramco’s decision to explore the sale of a stake in the oil terminals business comes as the company responds to changing market conditions.

Oil prices have declined by around 16% this year, prompting the company to delay some projects and consider asset sales to maintain investment capacity.

While the impact on earnings has been offset by increased production, asset sales are considered a means to strengthen Aramco’s financial position.

Citigroup declined Bloomberg’s request to comment on the appointment, and Aramco did not immediately respond to requests for comment, without disclosing further details of the stake sale.

In September this year, a consortium led by Global Infrastructure Partners, part of BlackRock, was reportedly in negotiations with several banks to secure up to $10.3bn (SR38.62bn) in financing for Aramco’s Jafurah gas development deal.

JPMorgan and Sumitomo Mitsui Banking are said to be among the financial institutions in discussions to support the transaction.