Energy Saudi Aramco’s trading unit said to list on Tadawul by early 2023 By Pramod Kumar October 20, 2022, 5:48 AM Reuters/Maxim Shemetov The three month extension of the oil production cut by Saudi Arabia was unexpected Saudi Aramco is working with advisers for a possible listing of Aramco Trading, its energy-trading business, on the Saudi Exchange (Tadawul) by year-end or early 2023, Bloomberg reported, citing sources. The Saudi-listed oil company is adding more banks to the IPO, which could value the unit at more than $30 billion. In May, the news agency reported that three Wall Street banks had been appointed leading advisers. The IPO of the Aramco subsidiary comes in the wake of growing tensions between Saudi Arabia and the US over the OPEC+ decision to cut production. Established in 2011, Aramco Trading buys and sells crude oil, diesel and liquefied natural gas. In his annual royal speech on Sunday, King Salman bin Abdulaziz Al Saud said that Saudi Arabia was striving to “support the stability and balance” of global oil markets, while also “moving at an accelerated pace” to face environmental challenges such as climate change. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
