Saudi Aramco approaches Petronas, Asian state oil producers on IPO

Petroliam Nasional, known as Petronas, partnered with Aramco on its $27 billion refinery and petrochemical complex in Malaysia’s southern state of Johor. Aramco has been deepening its ties in Asia, the world’s top oil consuming region, with refinery deals to bolster its market share.

NEW YORK: Saudi Aramco has approached Asian state oil producers including Petroliam Nasional Bhd. and China’s Sinopec Group about potential cornerstone investments in its initial public offering, people with knowledge of the matter said.

The Gulf energy giant and its advisers have recently been holding talks with potential investors including China’s sovereign wealth fund and China National Petroleum Corp., according to the people, who asked not to be identified because the information is private. They have also reached out to state-owned entities from the United Arab Emirates and Kuwait, including Abu Dhabi sovereign fund Mubadala Investment Co., as well as Canadian pension funds, the people said.