Thndr Claps » Saudi Claps » Tadawul 🔔 » Aramco wants to IPO its oil trading unit 🛢
The ClapSaudi Aramco (2222) intends to offer its energy trading unit, Aramco Trading, to the public, which will be classified as one of the largest IPOs this year, according to Bloomberg.
The DeetsThe world’s largest oil company is working with advisors to list Aramco Trading’s shares by the end of 2022/early 2023.
Aramco plans to involve more banks in the IPO, which will raise the market value of its unit to upwards of $30 billion.
Aramco TradingAramco Trading, founded in 2011, buys and sells everything from crude oil to diesel and LNG.
The company traded about 5 million barrels per day of crude and refined products in 2020.
It wants to increase this figure to 6 million by 2023, which would make the company one of the largest energy traders in the world.
Why this MattersThe global IPO market has been hit by weak economies and high-interest rates. However, IPO deals in KSA are seeing increased interest.
Arabian Drilling attracted $43 billion in orders when it went public this month.
Saudi Arabia’s economy is the fastest growing among the twenty major economies.
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