Saudi oil company plans IPO in three places

The initial public offering of Saudi Aramco, which stands to be the biggest ever, will happen on three continents, according to a British newspaper.

Photo: Siemens

In what looks like the biggest Initial Public Offering (IPO) ever, Saudi Arabia is planning to list the national oil company Aramco in London, Hong Kong and New York. The IPO is estimated to be worth up to USD 2,500 billion, reports The Telegraph.

The Saudi authorities hope that this strategy will entice ExxonMobil, China's Sinopec, and potentially BP to make strategic investments in Aramco, thus giving the company longer lasting access the upstream activities in return for new technology and refinery deals.

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