PetroChina said to consider investing in Saudi Aramco IPO

PetroChina, the listed arm of state-owned China National Petroleum Corporation, will consider participating in Saudi Aramco's upcoming initial public offering (IPO) “based on market conditions”, Reuters reported Thursday, citing the company’s president and vice-chairman Wang Dongjin.

"Saudi Aramco has raised this plan to PetroChina," Dongjin said.

The company is the second Chinese oil major to discuss becoming an investor this week, after Sinopec said it was invited to invest in Aramco’s IPO, expected to be the world’s largest ever.

PetroChina is also in talks with the Saudi oil giant on its Yunnan Petrochemical plant and over the possibility of supplying its enhanced oil recovery technology to oil fields in the kingdom, Dongjin said.

Aramco plans to float a 5 percent stake in its upcoming IPO next year, said to be valued at $100 billion.

The oil firm has appointed JPMorgan Chase & Co, Morgan Stanley and HSBC as international financial advisers for the listing, it was reported on Thursday.