NEW YORK- Saudi Arabia’s energy giant is in advanced talks to sell up to a 49% stake in its oil pipelines to a consortium of U.S., Chinese and local investors for between $10 billion and $15 billion, according to people familiar with the matter.

Saudi Arabian Oil Co. known as Aramco, is in talks to sell the minority stake to a group of investors that could include U.S. buyout giant Apollo Global Management Inc. energy investment firm EIG Global Energy Partners, Chinese infrastructure fund Silk Road Fund, and China Reform Fund Management Co., a Chinese private-equity fund, along with Saudi pension funds, the people said.

The talks represent another far-reaching attempt to monetize Saudi Arabia’s prodigious oil assets—once considered so strategic that even a minority stake sale seemed far fetched. With the ascension of Crown Prince Mohammed bin Salman, however, the kingdom has been more willing to lure foreign investors and cede some control over its oil industry in exchange for cash.

By holding on to a majority stake in the pipeline business, Saudi Arabia assures it remains in operational control of the assets.

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