Saudi Aramco has appointed the international law firm While & Case as its legal advisor for its planned initial public offering (IPO), expected to be the world’s biggest, Reuters reported, citing sources.
The IPO, which Saudi officials said it would value Aramco at a minimum of $2 trillion, will take place in 2018, with the company selling up to 5 percent of its shares.
White & Case has a well-established relationship with Saudi Aramco, as it advised the oil giant on several projects in the recent years, such as the joint venture agreement with Indonesian state oil company Pertamina for a $5 billion refinery upgrade.
The law company has also advised on the structuring, tendering, development and financing of Saudi Aramco's $2.1 billion industrial gas complex in Jazan province and on financing of the $20 billion Sadara chemical complex developed in a joint venture with the US-based Dow Chemical Co.
White & Case is advising Aramco on all its fundraising activities, a source that chose anonymity said in the report.
Earlier this week, Aramco appointed New York-based boutique investment bank Moelis as internal independent adviser in preparation for the IPO, sources told Reuters.
Aramco is expected to decide next week on the appointment of local and international banks to conduct the IPO’s preparatory work, and it will choose lead managers and bookrunners at a later stage, according to Reuters.
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