| 06 November, 2019

Saudi Aramco makes IPO offer to Malaysia's Petronas

Petronas confirms that we have been recently approached by representatives of Saudi Aramco to consider Petronas’ participation in its initial public offering exercise

A broker monitors stock prices on a screen at the Saudi Investment Bank in Riyadh September 5, 2013.

A broker monitors stock prices on a screen at the Saudi Investment Bank in Riyadh September 5, 2013.

REUTERS/Faisal Al Nasser

KUALA LUMPUR - Saudi Aramco has approached Malaysian state energy company Petronas to participate in the former's initial public offering, Petronas said on Wednesday, a move that could help strengthen their ties.

The Saudi government plans to sell 2% of state oil giant Aramco 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 told Reuters.

"However, we will not be providing any further comments on this matter at this time."

(Reporting by Krishna N. Das; Editing by Louise Heavens and Dale Hudson) ((Krishna.Das@tr.com; +60 18661 7562, +60323338022; Reuters Messaging: Twitter: https://twitter.com/krishnadas56))

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