Saudi Aramco CEO Says Not Discussing Russia Role in Company IPO

  • Saudis, Russians continue talks on energy cooperation: CEO
  • Aramco share sale planned for 2018 could be world’s biggest

Saudi Arabia Looks to Deepen Energy Ties With Russia

Saudi Aramco isn’t talking with any Russian companies about possible participation in its initial public offering, the head of the state oil producer said as Saudi Arabia’s king led a delegation on a historic visit to Russia.

Aramco plans to sell about 5 percent of its shares by the end of 2018 in what could be the world’s largest IPO. Saudi Arabia and Russia share common energy interests and are continuing discussions on energy cooperation, Chief Executive Officer Amin Nasser told reporters Thursday in Moscow.

Amin Nasser

Photographer: Jason Alden/Bloomberg

“We did not discuss anything with Russian companies about the participation” in Aramco’s planned share sale, and a Russian role in the IPO sale isn’t on the table at all, he said.

Nasser is among the Saudi executives accompanying King Salman bin Abdulaziz in the Russian capital as Saudi Arabia looks to deepen energy ties with Russia by striking major deals. The interests of the world’s two biggest oil exporters have converged as the output pact between the Organization of Petroleum Exporting Countries and non-OPEC producers including Russia has spurred a rebound in crude prices.

Russian Energy Minister Alexander Novak said Saudi companies are in talks on possible participation in an Arctic project for liquefied natural gas. However, Aramco, known formally as Saudi Arabian Oil Co., isn’t talking about participating in Novatek’s LNG 2 project, Nasser said.

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