Apollo Global Management, GIP bid for $10-billion Aramco pipeline stake

Apollo Global Management and Global Infrastructure Partners are among suitors that bid for a roughly $10 billion stake in Saudi Aramco’s oil pipelines, people familiar with the matter said.

 

Canada’s Brookfield Asset Management, BlackRock, sovereign wealth fund China Investment and Beijing-backed Silk Road Fund have also made non-binding offers, the people said, asking not to be identified as the matter is private.

 

Pension funds in Abu Dhabi and Saudi Arabia have separately submitted initial bids, the people said.

 

Aramco is studying the proposals before deciding which companies will be invited to make binding offers, the people said. Bidders may team up later in the process, the people said.

 

Some prominent family-owned groups in Saudi Arabia are also considering partnering with other investors, according to the people.