Home Industry Energy Saudi Aramco Base Oil gets approval for Riyadh share offering Saudi Aramco is aiming to sell 50 million shares – a 29.7 per cent stake – in the company by Bloomberg November 25, 2022 Saudi Aramco Base Oil Co., a unit of the state-owned oil producer known as Luberef, received regulatory approval for an initial public offering in Riyadh, as the world’s biggest crude producer looks to list some of its subsidiaries. Saudi Aramco is aiming to sell 50 million shares – a 29.7 per cent stake – in the company that makes base oils used in lubricants for motor vehicles, ships and industrial machinery, the Capital Market Authority said Thursday. The Capital Market Authority announces the Approval on the Registration and the Initial Public Offering of Saudi Aramco Base Oil Company – Luberef Company’s Shares https://t.co/izUjTmbRiX — Capital Market Authority (@SaudiCMA_En) November 24, 2022 The refinery business, with operations in Saudi industrial cities Jubail and Yanbu, is 70 per cent owned by Saudi Aramco with the rest held by local private equity firm Jadwa Investment. Citigroup, HSBC Holdings and SNB Capital have been hired to advise on the offering that could raise about $1bn, Bloomberg reported in June. Aramco is separately considering selling a stake in its oil trading business, people familiar told Bloomberg. It’s also sold off stakes in units that lease its oil and gas pipelines to private equity investors. Saudi Arabia has been one of the world’s IPO hotspots this year, with 27 deals already completed according to according to data compiled by Bloomberg, even as share sales dry up in other markets. Tags Base Oil Capital Market Authority IPO refinery Saudi Arabia 0 Comments You might also like Saudi Arabia’s Mawani signs four contracts worth SAR1bn GCC region M&A blazes trail as global deals decline Top marks for GCC nations in digital connectivity index Saudi Arabia studies graphite, rare earths trading platform