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Wednesday, 1 March 2017

Saudi Arabia Bulks Up in Asia to Boost Appeal Before Oil IPO - Bloomberg

Saudi Arabia Bulks Up in Asia to Boost Appeal Before Oil IPO - Bloomberg:

"Saudi Arabian Oil Co. bought half of a Malaysian oil refinery and petrochemical plant as it prepares for what may be the biggest ever initial public offering by bulking up its business in Asia, its largest market. The Middle Eastern oil giant, known as Saudi Aramco, signed a deal with state-owned Petroliam Nasional Bhd. to develop an oil refinery and naphtha cracker in Malaysia’s southern state of Johor and provide up to 70 percent of the crude requirements, the companies said at a briefing Tuesday. Saudi Aramco will invest $7 billion for its stake in the integrated oil and petrochemicals complex and plans to finalize a similar deal in Indonesia on Wednesday. “This will strengthen the equity story for Saudi Aramco,” Khalid Al Falih, the kingdom’s energy minister, said in Kuala Lumpur. “Investors will be looking for a company that has breadth in its portfolio.”"



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