Logo of Aramco Trading
Saudi Aramco plans an initial public offering (IPO) of its energy-trading business, Aramco Trading Co. (ATC) in what could rank among the world’s biggest offerings, Bloomberg reported today, Oct. 19, citing sources familiar with the matter.
The oil giant is working with its advisers for a listing by the end of the year or early 2023.
The value of the unit could reach more than $30 billion (or SAR 112.5 billion), the people said.
Aramco is in the process of adding more banks to the IPO. In a previous report last month, Bloomberg said that the world’s largest oil producer hired JPMorgan Chase & Co., Goldman Sachs Group Inc. and Morgan Stanley to advise on the planned sale.
ATC is the trading arm of Saudi Aramco. The Dhahran-based unit was established in 2011, Argaam earlier reported.
Last June, Reuters reported that Saudi Aramco was planning to merge two energy trading units, with ATC likely to absorb Motiva Trading ahead of a potential IPO.
Comments
{{DisplayName}}
{{ElapsedTime}}