Saudi Aramco is pushing ahead with plans for an initial public offering of its energy-trading business, which would rank as one of the largest share sales this year, according to people familiar with the matter.
The world’s largest oil company is working with advisers for a listing in Riyadh for the end of the year or early 2023, the people said, asking not to be identified as the matter is private. Aramco is in the process of adding more banks to the IPO, which could value the unit at more than $30 billion, the people said.
It has appointed three Wall Street firms as main advisers already, Bloomberg News reported in May.
