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Saudi Aramco’s trading unit said to list on Tadawul by early 2023

Reuters/Maxim Shemetov
Saudi Aramco set its Arab Light official selling price to northwest Europe at $1 a barrel above ICE Brent for April 2023

Saudi Aramco is working with advisers for a possible listing of Aramco Trading, its energy-trading business, on the Saudi Exchange (Tadawul) by year-end or early 2023, Bloomberg reported, citing sources.

The Saudi-listed oil company is adding more banks to the IPO, which could value the unit at more than $30 billion.

In May, the news agency reported that three Wall Street banks had been appointed leading advisers.

The IPO of the Aramco subsidiary comes in the wake of growing tensions between Saudi Arabia and the US over the OPEC+ decision to cut production.

Established in 2011, Aramco Trading buys and sells crude oil, diesel and liquefied natural gas.

In his annual royal speech on Sunday, King Salman bin Abdulaziz Al Saud said that Saudi Arabia was striving to “support the stability and balance” of global oil markets, while also “moving at an accelerated pace” to face environmental challenges such as climate change.