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Saudi Aramco sees slowed progress on planned IPO

Agencies . Riyadh
12 May 2023 00:00:00 | Update: 11 May 2023 23:03:19
Saudi Aramco sees slowed progress on planned IPO

Saudi Aramco has seen progress slow for the planned initial public offering (IPO) of its energy trading unit, two sources with knowledge of the matter said on Thursday.

Bloomberg earlier reported the oil giant would postpone the IPO, citing people with knowledge of the matter.

Reuters reported in June last year that Aramco would merge Aramco Trading with Motiva Trading, which has the largest refinery in the US, ahead of a planned IPO, reported Reuters.

The deal completed in January, with Motiva Trading becoming Aramco Trading Americas, acting as Aramco Trading’s regional office.

Saudi Aramco and other Middle Eastern producers accelerated their trading efforts as a way to boost incomes after the 2014 collapse in oil prices.