Oil and Gas

Saudi Aramco plans 3-way listing in New York, London and Hong Kong: Report

Jessica Hartogs; special to CNBC.com
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Saudi Arabia is hoping to lure ExxonMobil, China's Sinopec and BP into buying stakes of state-run oil company Aramco, when it sells 5 percent of its equity, according to the U.K.'s Telegraph newspaper who cited sources close to Saudi thinking.

The report – published on Monday – said the country is planning a three-way listing in London, Hong Kong, and New York.

The sale of Aramco, or to give it its full name the Saudi Arabian Oil Company, is planned as soon as 2017 or 2018 and would in theory be five times larger than any initial public offering (IPO) in history. Deputy Crown Prince Mohammed bin Salman first announced the decision to sell in April as Saudi Arabia's government unveiled a long-term economic blueprint for life in a low-oil-price world.

Saudi Aramco set to be valued at more than $2 trillion

Saudi Aramco is expected to be valued at more than $2 trillion and The Telegraph said shares would be valued at $100 billion to $150 billion. Saudi Aramco did not immediately respond when contacted by CNBC for comment.

As the world's largest oil exporter, the bulk of Riyadh's state revenues come from energy exports. But with crude prices extending their declines — the per-barrel price of global benchmark Brent is down 60 percent since the rout first started in June 2014. The country logged a record $98 billion budget deficit for 2015.

Read the full report on The Telegraph website.

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