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Saudi Aramco makes IPO offer to Malaysia's Petronas

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By Reuters
Saudi Aramco makes IPO offer to Malaysia's Petronas
A Petronas logo at their office in Kuala Lumpur, Malaysia August 15, 2017. REUTERS/Lai Seng Sin/Files   -   Copyright  LAI SENG SIN(Reuters)

By Krishna N. Das

KUALALUMPUR (Reuters) – Saudi Aramco has approached Malaysian state energy company Petronas [PETR.UL] to participate in the former’s initial public offering, Petronas said on Wednesday, a move that could help strengthen their ties.

The Saudi government plans to sell 2% of state oil giant Aramco in a domestic listing on Dec. 11, three sources familiar with the matter told Reuters.

The approach comes as Petronas, officially known as Petroliam Nasional Bhd, nears the start of commercial operations at a $27 billion refinery and petrochemical project built jointly with Aramco in southern Malaysia.

“We have been recently approached by representatives of Saudi Aramco to consider Petronas’ participation in its initial public offering exercise,” Petronas told Reuters.

“However, we will not be providing any further comments on this matter at this time.”

(Reporting by Krishna N. Das; Editing by Louise Heavens and Dale Hudson)