Aramco Is Said to Pick Citi for Oil Storage Terminals Stake Sale

Saudi Aramco has chosen Citigroup Inc. to help arrange a potential multibillion-dollar stake sale in its oil export and storage terminals business, according to people familiar with the matter.

The US investment bank was selected in recent days after a pitching process that drew proposals from several other Wall Street lenders, the people said, asking not to be identified as the matter is private.

The mandate is a win for Citigroup, whose Chief Executive Officer Jane Fraser has made a renewed effort to win business from large corporates and sovereign wealth funds in the Middle East. Aramco had tapped JPMorgan ...