ARAMCO CONSIDERING IPO OF FUEL UNIT TO FUND INVESTMENTS

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.