Saudi Arabian Oil Co. has reached out to a number of Asian state-owned oil companies to discuss potential investments in the oil giant's initial public offering, Bloomberg News reported Sept. 30, citing people familiar with the matter.
The company, or Aramco, has tapped producers like Malaysia-based Petroliam Nasional Bhd., or Petronas, and Beijing-based China Petrochemical Corp., also known as Sinopec Group, according to the report.
Aramco has also held talks with China's sovereign wealth fund and China National Petroleum Corp., as well as Canadian pension funds and state-owned companies from the United Arab Emirates and Kuwait, including Abu Dhabi sovereign wealth fund Mubadala Investment Co., the sources told Bloomberg News.
Aramco has yet to receive firm commitments but its advisers are scheduling meetings with other potential investors until next week, the report said.
The oil giant is aiming for a listing on the Saudi stock market as early as November, Bloomberg News reported.
