Saudi Arabian Oil Co. (Saudi Aramco) Saudi Aramco has asked international strategy firms for proposals on which assets to privatize and other suggestions on a potential share sale as it pushes ahead with plans for an initial public offering (IPO), Bloomberg reported, citing unnamed sources with knowledge of the matter.
Results of the study will be submitted to the government during H1-2016, the sources said, adding that requests for proposals had not been sent out to banks yet.
The state-owned oil giant is considering several options at the moment, including selling shares in the parent company, placing domestic and overseas downstream joint ventures into a holding company, or grouping together the company's joint ventures and smaller refineries.
In January, Deputy Crown Prince Mohammed bin Salman said the government was considering to list Saudi Aramco’s shares as part of economic reforms.
The IPO proposal came after the Saudi cabinet introduced public spending cuts, higher domestic energy and fuel prices and privatization measures to help shrink its budget deficit.
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