National Post (Latest Edition)

ARAMCO CONSIDERIN­G IPO OF FUEL UNIT TO FUND INVESTMENT­S

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Saudi Aramco is considerin­g selling a stake in its retail fuels and lubricants business, and could list shares on the Riyadh stock exchange, according to people with knowledge of the situation. Talks about an initial public offering are at an early stage and Aramco may opt against any sale, said the people, who asked not to be identified discussing confidenti­al matters. Aramco set up a retail unit in 2018 to expand its downstream operations. A year later, the company agreed to develop a Saudi gasoline-station chain with French oil major Totalenerg­ies SE. “Aramco has developed a retail strategy that will initially focus on establishi­ng its presence in the kingdom in advance of its long-term goal to be one of the primary global retail players,” it said in its 2020 annual report.

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