ZAWYA Reports: Saudi Aramco is weighing an IPO of its trading division Aramco Trading Co., in what could be one of the world’s biggest listings this year, Bloomberg reported on Tuesday citing people with knowledge of the matter. The oil giant’s trading arm could fetch a valuation of tens of billions of dollars, the report said, citing people who said it could be potentially worth more than $30 billion. The world’s biggest oil producer could potentially sell a 30 percent stake, the report added, citing the unnamed people.
The state-controlled oil major is working with banks including Goldman Sachs Group Inc., JPMorgan Chase & Co. and Morgan Stanley as it studies the potential listing, the report said.
Saudi oil giant reports record profit
CNBC Reports: The Saudi oil giant reported a more-than 80% jump in net profit Sunday, topping analyst expectations and setting a new quarterly earnings record since its IPO. The behemoth said net income rose 82% to $39.5 billion in the first three months of the year, up from $21.7 billion over the same period last year. The Aramco results reflect an ongoing momentum in the oil and gas industry, which has benefited from a more-than 45% increase in prices since the start of the year.