Riyad October 25 2022: The chairman of Saudi Aramco said investors should “stay tuned” on the oil giant’s divestment plans.
“We have a big divestment program,” Yasir Al Rumayyan, who is also governor of the Public Investment Fund, said on the sidelines of an event in Riyadh. Aramco has already sold off leasing rights in units operating oil and gas pipelines.
Asked about a potential listing of Aramco’s trading unit and the timing, he said: “We’re not precisely sure.”
Aramco is pushing ahead with an initial public offering in Riyadh of its energy-trading business this year or in early 2023, Bloomberg reported last week. Such a deal could value the unit at $30 billion, according to people familiar with the matter. Al Rumayyan didn’t give more details.
It would be highly unusual, since few energy traders have gone public.
The $620 billion PIF also owns 4% of Aramco, which the government transferred to it in February.
