KUALA LUMPUR—Saudi Aramco has approached Malaysian state energy company Petronas to participate in Aramco’s initial public offering (IPO), Petronas said on Nov. 6, as the Middle Eastern oil giant seeks cornerstone investors for the listing.
The Saudi government plans to sell 2% 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.
“We have been recently approached by representatives of Saudi Aramco to consider Petronas’ participation in its initial public offering exercise,” Petronas, the Malaysian government’s cash cow, told Reuters.
“However, we will not be providing any further comments on this matter at this time.”
Aramco’s much-vaunted IPO was delayed as deal advisers said they needed more time to lock in cornerstone, or anchor, investors such as sovereign wealth funds. In 2016, state-owned Postal Savings Bank of China sold 77% of its $7.4 billion IPO to such backers.
Reuters reported in September that Aramco had approached Abu Dhabi Investment Authority, Singapore’s GIC and other sovereign wealth funds to invest in the domestic leg of its listing.
Abu Dhabi’s state investor Mubadala Investment Co. has also been approached by Aramco’s advisers.
Asked about its interest in the Aramco IPO, Malaysian sovereign wealth fund Khazanah Nasional Bhd told Reuters it “does not have any investments in the oil and gas sector.”
Recommended Reading
Baker Hughes CEO on ‘Unsung Hero’ of the Energy Transition
2023-05-19 - Experts, including Baker Hughes Chairman and CEO Lorenzo Simonelli, called for increased collaboration and more investment in digital tech during the AWS Energy Symposium.
From Siloed to Optimized: How Exxon Mobil Juiced Its Technology Approach
2023-05-16 - One year after integrating technology and engineering functions, the supermajor’s EMTEC encourages collaboration and improves problem solving.
Solving the Sludge Problem
2023-05-25 - Greentech company Envorem’s new waste management technology offers sustainable and cheap sludge solutions.
Tech Trends: Cybersecurity Enters a New Era With AI [WATCH]
2023-04-04 - In this week's episode of Hart Energy Live's E&P Tech Trends, Anton Dahbura, executive director of the Information Security Institute at John Hopkins University, says there are three major components to take into account when utilizing artificial intelligence in cybersecurity measures.
SUPER DUG: Universal Pressure Pumping Threads the Digital Needle [WATCH]
2023-05-26 - Universal Pressure Pumping's Jeff Beach sat down with Hart Energy's Jennifer Pallanich at SUPER DUG to talk about working towards threading the digital needle and the advantages of a dual-fuel system.