Saudi Aramco is planning a three-way listing in New York, London and Hong Kong as part of the kingdom’s plans to sell about 5 percent of the world’s largest company.
The Telegraph, citing “sources close to Saudi thinking”, also reported that the country was hoping to entice ExxonMobil, Sinopec and BP into taking strategic stakes in Aramco.
Those deals would involve long-term access to Aramco’s upstream operations in return for new technology or refinery details, the newspaper said.
Last month, Saudi Deputy Crown Prince Mohammed bin Salman said in a television interview he expected Aramco to be valued at more than $2 trillion.
He added subsidiaries of the company would also be sold in IPOs as part of a privatisation drive and to bring more transparency to the oil giant.
"If 1 percent of Aramco is offered to the market, just 1 percent, it will be the biggest IPO on earth," he said.
Aramco was once run by Americans but has long been a Saudi state corporation. It dwarfs all in the industry, with crude reserves of 265 billion barrels, more than 15 percent of global oil deposits.
It produces more than 10 million barrels per day, three times as much as the world's largest listed oil company, ExxonMobil, while its reserves are more than 10 times bigger.
If Aramco were ever to go public, it would probably become the first company to be valued at more than $1 trillion.For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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