Saudi state oil company Saudi Aramco has begun negotiations to sell up to 49 percent of its oil pipeline business to American, Chinese and local investors.

The deal is estimated at between $10 billion and $15 billion. According to the newspaper, Saudi Aramco owns more than 90 percent of all Saudi oil pipelines. By retaining a majority stake, Aramco will maintain control of the assets. The buyers will set up a business that will receive money from the company for the transportation of Saudi oil.

Therefore, the country wants to reduce its dependence on oil. The proceeds from the sale should go to the development of technology, tourism and other industries. Additionally, such a move could increase the kingdom’s attractiveness in the eyes of foreign investors.