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Saudi Aramco to push ahead with IPO of oil-trading unit - Bloomberg News

Reuters
·1 min read
FILE PHOTO: A view shows branded oil tanks at Saudi Aramco oil facility in Abqaiq

(Reuters) - Saudi Aramco is pushing ahead with plans for an initial public offering of its energy-trading business and is targeting a listing in Riyadh for the end of the year or early 2023, Bloomberg News reported on Wednesday.

The world's top oil producer is in the process of adding more banks to the IPO, which could value the unit at more than $30 billion, Bloomberg reported, citing people familiar with the matter.

No final decisions have been made and the IPO could be delayed or canceled if market conditions worsen, the report added.

Aramco did not immediately respond to a Reuters request for comment.

(Reporting by Ann Maria Shibu in Bengaluru; Editing by Jan Harvey)