Saudi Aramco starts power plant asset sale, or raise $4 billion.

According to three informed sources, Saudi oil giant Aramco is planning to sell four to five of its gas-fired power plants. This is part of the company's strategy to unlock funding potential and strategic positioning. Two of the sources said that the sale of these four to five gas-fired power plants that supply power to refineries could raise about $4 billion in funds. Currently, the Saudi government is urging Aramco to increase profitability to boost national fiscal revenue. As the world's most profitable company and a major source of Saudi fiscal revenue, Aramco has recently been pushing asset sales, efficiency improvements, and cost-cutting plans. Reuters previously reported that due to the impact of falling oil prices on revenue, the company will cut dividends by nearly a third this year.