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Saudi Aramco is working on a possible IPO of its trading business











Photo credit © Reuters


(Boursier.com) — New very large IPO in sight in the Gulf. Saudi Aramco is reportedly considering IPO of its trading arm amid soaring oil prices. According to people familiar with the matter quoted by ‘Bloomberg’, the Ryad-controlled oil giant is working with banks such as Goldman Sachs Group, JPMorgan Chase & Co and Morgan Stanley on a potential IPO of Aramco Trading, whose valuation could exceed the $30 billion.

Aramco, which recently again became the most valuable company in the world (at the expense of Apple), could sell a 30% stake in the company. Enough to make it one of the biggest IPOs of the year. Discussions are still ongoing and there is no certainty that the operation will take place. The size and timing of the offering may still change.

Established in 2011, Aramco Trading trades all types of energy, from crude oil to LNG, according to its website. As the agency recalls, all the national oil companies in the largest crude-producing region in the world have developed in this type of activity in order to extract more revenue from each barrel produced and to diversify from the simple export of raw material.

Aramco, which posted its highest profit since its record IPO on Sunday, has already floated its subsidiaries Saudi Basic Industries and Rabigh Refining & Petrochemica.


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