© Reuters. Reuters: China offers to buy 5% direct stake in Saudi Aramco
- China is offering to buy up to 5% of Saudi Aramco, Reuters reports, a move that could give Saudi Arabia the flexibility to consider various options for its planned IPO of the world’s biggest oil producer.
- PetroChina (PTR +1.1%) and Sinopec (SNP +0.8%) have written to Saudi Aramco in recent weeks to express an interest in a direct deal as part of a state-run consortium including China’s sovereign wealth fund, according to the report.
- A deal with the state-owned Chinese firms is only one possible outcome, with some recent talk that the IPO could even be delayed or dropped altogether as oil prices remain at low levels.
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