Aramco IPO: It's a thanks, but no thanks from Malaysia's Petronas - Reuters

Aramco IPO: It's a thanks, but no thanks from Malaysia's Petronas - Reuters:

With Saudi Aramco yet to name any major foreign investors in its upcoming share sale, Malaysia’s state energy company Petronas [PETR.UL] decided to take a pass on Friday.

Expectations that Aramco customers and allies around the world would take significant stakes in the company have so far not materialized, with the listing looking like it will be reliant on local retail and institutional investors.

Aramco, which kicked off the share sale process on Nov. 3 after a series of false starts, declined to comment to Reuters on the lack of any named anchor investors in its listing so far.

Last week Russia’s second largest oil producer Lukoil (LKOH.MM) said it would not be investing in the initial public offering (IPO) which is likely to rank Aramco as the world’s most valuable company.