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Report: Russian banks, Russia-China fund eye Aramco IPO

Russian banks and a joint Russia-China investment fund are keen to invest in the planned IPO of Saudi Arabian Oil Co., or Aramco, Bloomberg News reported, citing the head of a sovereign Russian investment fund.

Several Russian banks and other groups are looking at buying Aramco shares, Reuters reported Kirill Dmitriev, CEO of the Russian Direct Investment Fund, as saying Feb. 14.

"Not only this, but we have a Russia-China investment fund, and through that Russia-China investment fund we see a major interest in the Aramco IPO from a number of leading Chinese institutions," Dmitriev added.

The state-owned oil giant is planning to sell around 5% of the company in a potentially record IPO, with the government estimating a $2 trillion valuation, although some analysts estimate it could be lower, according to Reuters.