Monday, November 20, 2017

© Reuters.  Reuters: China offers to buy 5% direct stake in Saudi Aramco© 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.
  • Now read: Carrizo Oil & Gas: Non-Core Divestitures Continue

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