09 May Saudi Arabia plan triple listing for Aramco
Saudi Arabian state oil company Aramco is planning a three-way foreign listing in London, Hong Kong and New York, according to a report in UK newspaper The Telegraph.
The gulf state is hoping to attract ExxonMobil, China’s Sinopec and BP to invest in strategic stakes when it offers five per cent of its equity, with the Telegraph citing ‘sources close to Saudi thinking’. The shares would be valued at $100 -150 billion.
Privatisation of the US$2.5 trillion valued company would be five times large than any initial public offering (IPO) in history.
The move comes after recent announcements of a government shakeup, as the veteran oil minister Ali al-Naimi was replaced by Aramco chief Khalid al-Falih, with Saudi Arabia aiming to reduce the country’s reliance on oil.
The Aramco sale is planned as early as 2017 to 2018 and is the spearhead of the ‘Saudi Vision 2030’ programme.