Saudi Aramco is considering selling a stake in its fuel and lubricant retail business, and could offer it to the public on the Riyadh stock exchange, according to people familiar with the matter.
The sources, who requested anonymity due to the confidentiality of the deliberations, indicated that the talks about an initial public offering in the Saudi Stock Exchange (Tadawul) are at an early stage, and Aramco may choose not to proceed with the deal. Aramco did not immediately respond to a request for comment.
Aramco set up a retail unit in 2018 to expand its activity in this segment targeting end consumers. A year later, the company agreed to develop a Saudi chain of petrol stations with French oil giant Total.
series of deals
Aramco stated in its 2020 annual report that it has “developed a retail strategy, which will initially focus on solidifying its presence in the Kingdom of Saudi Arabia, before achieving its long-term goal of becoming a major global fuel retailer.” But the report did not disclose the retail unit’s revenue or profit.
Since its initial public offering in 2019 that raised about $30 billion, Aramco has sold a $12.4 billion stake in oil pipelines to a group led by Washington-based EIG Global. Bloomberg also reported this week that the Saudi company is in the process of selling a stake in its natural gas pipelines. Also, people familiar with the matter revealed that Aramco is also considering opening the Jafurah field to foreign investors.
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