Statoil Not Advising Saudi Aramco's IPO

Posted by Joseph Keefe

Norway's Statoil is not advising Saudi Aramco on its planned public share offer but has 'shared' its past experience of listing its own shares, the Norwegian firm's CEO told Reuters on Tuesday.

"We don't have a contract to advise them, but we share the experience," Eldar Saetre said in an interview on the margins of the company's fourth-quarter results presentation.

Aramco's planned listing of up to 5 percent of its capital is expected to be the world's biggest initial public share offer and a centrepiece of the Saudi government's plan to diversify the economy beyond oil.

The Norwegian oil company was once fully state-owned but became partially privatised in 2001. The Norwegian state still controls 67 percent of the company's capital.

By Nerijus Adomaitis

Feb 7, 2017

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