THE WALL STREET JOURNAL: Aramco Mulls Domestic IPO For $5 Bln Export Refinery
10 May 05
DOW JONES NEWSWIRES
LONDON — State-owned oil giant Saudi Arabian Oil Co. (SOI.YY) Monday said it will seek to list a $5 billion export refinery on the domestic stock market, which has been growing at near 75% a year on high oil prices.
The listing would be the first time private Saudi investors would be allowed to own a piece of the world’s biggest oil producer, commonly known as Aramco.
Aramco is looking for a joint venture partner for the new refinery before it launches an IPO, and says it has a shortlist including Asian or U.S. partners.