£24bn Aramco spin-off

SAUDI Aramco is weighing up a spin-off of its trading arm that could value the division at over £24bn.

The Saudi state oil giant, which listed 1.5pc of its shares in Riyadh in 2019, last week overtook Apple to become the world’s most valuable company at more than £2trillion.

It is working with banks including Goldman Sachs, JP Morgan and Morgan Stanley on a potential listing of Aramco Trading and could sell a 30pc stake in it, according to Bloomberg.

Russia’s invasion of Ukraine helped propel Aramco to a net income of £32bn in the first three months of the year, up from £17.4bn a year earlier.