Saudi Aramco approaches Malaysian energy giant Petronas with IPO offer
Saudi Aramco has approached Malaysian state energy company Petronas to participate in Aramco’s initial public offering (IPO), Petronas said on Wednesday, as the Middle Eastern oil giant seeks cornerstone investors for the listing.
The Saudi government plans to sell 2 per cent of state-run Aramco, the world’s most profitable company, in a domestic listing on Dec. 11, three sources familiar with the matter told Reuters.
The approach comes as Petronas, officially known as Petroliam Nasional Bhd, nears the start of commercial operations at a $27 billion refinery and petrochemical project built jointly with Aramco in southern Malaysia.
