Saudi Aramco Continues IPO of Oil Trading Unit – Bloomberg News

Oct 20 (Reuters) – Saudi Aramco (2222.SE) is moving forward with plans for an initial public offering of its energy trading business, targeting an IPO in Riyadh before the end of the year or early 2023, Bloomberg News reported on Wednesday.

The world’s largest 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 postponed or canceled if market conditions deteriorate, the report said.

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

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

Our Standards: The Thomson Reuters Trust Principles.

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