Potential bidders have been approached by Aramco through its advisers before a formal sale process kicks off in the next few weeks DUBAI: Saudi Aramco is looking to raise at least $17 billion from the sale of a significant minority stake in its gas pipelines, higher than the $12.4 billion raised from its oil pipeline deal, Reuters reported on Monday quoting unnamed sources. Potential bidders including North American private equity and infrastructure funds, as well as state-backed funds in China and South Korea have been approached by Aramco through its advisers before a formal sale process kicks off in the next few weeks, Reuters said. The deal size may include $3.5 billion of equity and the remainder will be funded by bank debt, one of the anonymous sources said, while another source said the transaction size could top $20 billion. “The gas deal is about the long-term view of gas utilization and consumption in Saudi Arabia,” said one source familiar with the deal, explaining why the gas deal may generate higher proceeds. According to Reuters, the companies tapped include the ones who took part in the stake sale process for Abu Dhabi National Oil Co.’s gas pipelines, which was bought by a consortium of investors including Global Infrastructure Partners (GIP), Brookfield, Singapore sovereign wealth fund GIC and European gas infrastructure owner and operator SNAM. Aramco did not immediately respond to a Reuters request for comment, while JPMorgan and Goldman declined to comment. Brookfield and SNAM declined to comment. GIP did not immediately respond to a request for comment. Aramco, similar to Abu Dhabi National Oil Co. (ADNOC), used a lease and lease-back agreement to sell a 49 percent stake of newly formed Aramco Oil Pipelines Co. to the buyer and rights to 25 years of tariff payments for oil carried on its pipelines.