Saudi Aramco plans to list its trading arm

The world’s largest crude oil exporter and producer, Aramco is planning to list its trading subsidiary, Aramco Trading Co, which could be among the largest share sales this year, according to a media report

“The world’s largest oil company is working with advisers for a listing in Riyadh for the end of the year or early 2023,” Bloomberg said in a report while quoting unnamed people.

Aramco is in the process of adding more banks to the IPO, which could value the unit at more than $30 billion, the report said.

As per Bloomberg, the energy giant has appointed three Wall Street firms as advisers but added that no final decisions have been made and the IPO could be delay cancellednceled if market conditions worsen.

Earlier this year, Aramco Trading Company signed an agreement with Egypt’s Red Sea National Petrochemical Company for a long-term crude oil supply for its planned refinery complex with a provision for the offtake of refined and petrochemical products.

Under the agreement, Aramco Trading Company (ATC) will supply 100,000 barrels per day of Arabian Crude to its Refining and Petrochemical complex, which is expected to be built at the Suez Canal Economic Zone in Ain Sokhna.

Similarly, Oman’s integrated energy conglomerate also signed a collaboration agreement with Aramco’s trading arm to explore joint commercial opportunities in the energy sector.

Established in 2011, Aramco Trading Co traded around 5 million barrels a day of crude and refined products in 2020.