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Saudi Aramco Base Oil Gets Nod for $1 Billion Riyadh IPO

The Saudi Aramco pavilion at the FII conference in Riyadh.

The Saudi Aramco pavilion at the FII conference in Riyadh.

Photographer: Tasneem Alsultan/Bloomberg
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Saudi Aramco Base Oil Co., a unit of the state-owned oil producer, has received regulatory approval for an initial public offering in Riyadh, as the world’s biggest crude producer looks to list some of its subsidiaries.

The IPO will consist of the sale of 50 million shares -- a 29.7% stake -- in the company, Saudi Arabia’s Capital Market Authority said Thursday. The unit, also known as Luberef, makes base oils used in lubricants for motor vehicles, ships and industrial machinery.