Aramco Trading plans to absorb Motiva unit ahead of possible IPO: report
- Date: 16-Jun-2022
- Source: Argaam
- Sector:Financial Markets
- Country:Saudi Arabia
Aramco Trading plans to absorb Motiva unit ahead of possible IPO: report
Saudi Aramco plans to merge two energy trading units, with Aramco Trading Co (ATC) likely to absorb Motiva Trading ahead of a potential initial public offering (IPO), Reuters reported, citing informed sources.
The move to combine the businesses is expected to give potential investors a better sense of the scale of Aramco’s trading and allow the state oil producer to simplify financial reporting and cut duplication.
The restructuring is likely to be announced before year-end, a source said. However, it was not immediately clear which of the two businesses’ executives would be in charge of the merged operation.
In May, Bloomberg reported that Saudi Aramco was planning to offer a 30% stake in ATC in an IPO.
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