Plans for Aramco Trading IPO shelved: Sources

11/05/2023 Argaam
Logo of Aramco Trading Co. (ATC)

Logo of Aramco Trading Co. (ATC)

Saudi Arabian Oil Co. (Saudi Aramco) is postponing the initial public offering (IPO) of its energy-trading unit, Aramco Trading Co. (ATC), Bloomberg reported, citing sources with knowledge of the matter.

 

Aramco has significantly slowed down preparations for the planned offering over the past months. It did not set a new timetable for the offering, the sources added, one of which said the IPO may be delayed until next year if market conditions do not improve.

 

The state-owned oil giant needs more time to complete the merger between Aramco Trading and Motiva before the IPO, the people noted.

 

Talks on the offering process are still ongoing, whereas the related details may change, the informed sources also indicated.

 

In October 2022, sources said that Saudi Aramco plans an IPO of its energy-trading business, Aramco Trading, by 2022-end or early 2023, Argaam reported.

 

The value of the unit could reach more than $30 billion (or SAR 112.5 billion).

 

Aramco Trading is the trading arm of Saudi Aramco. The Dhahran-based unit was established in 2011, and its main activity is the trading and international marketing of refined, liquid, chemical and polymers.

 

For More IPOs

Comments {{getCommentCount()}}

Be the first to comment

{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
{{comment.Replies.length}}
تعديل
loader Train
Report
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.