Thursday 7 October 2021 4:05 pm

Fill it up: Saudi Aramco mulls an IPO for its retail fuels business

Oil giant Saudi Aramco is said to be considering an IPO for its retail fuels and lubricants business.

Saudi Aramco, one of the world’s most valuable companies, want to pursue the float plans so that it can maintain its multi-billion-dollar dividend policy, Bloomberg reports.

The unit is reasonable new, having only been set up as a downstream business for the oil major in 2018.

“Aramco has developed a retail strategy that will initially focus on establishing its presence in the kingdom in advance of its long-term goal to be one of the primary global retail players,” it said in its 2020 annual report, without disclosing the unit’s earnings or revenue.

Sources told Bloomberg any stake sale would likely be listed in Ruyadh and talks were at an early stage and so, may come to nothing.