Saudi Arabia is looking to plug budget gaps by having its state-run oil giant, Saudi Aramco, sell some stakes in its subsidiaries, according to anonymous Bloomberg sources. The Kingdom’s oil company has hired Moelis & Co. to come up with a plan to sell stakes In Aramco’s pipelines for the purpose of coming up with nearly $10 billion. The move comes after Saudi Arabia’s neighbor, Abu Dhabi, engaged in a similar cash-raising activity as it, too, looks to bring in billions to prop itself up during what has become a major recession due to the low oil prices as a result of the pandemic. Saudi Arabia’s budget has been struggling with the low oil prices and its burden of oil production cuts as a result of its OPEC agreement. Aramco reported a 44.6% decrease in its profits for the third quarter this year, to $11.9 billion, from $21.29 billion […]