BP Not Interested in Saudi IPO

BP Not Interested in Saudi IPO

BP Plc hinted that it was not interested in the Saudi Aramco IPO. The IPO for the state-run Saudi oil giant will proceed next year and will likely be for less than 5% of the company and earlier reports had suggested BP might take part in the deal, Oil Price reported. Speaking on the sidelines of the St. Petersburg International Economic Forum on Thursday, BP CEO Bob Dudley told reporters that it’s “unlikely we would be a financial investor in Saudi Aramco”. BP is the second major company to suggest it is not interested in the IPO, following Russian Lukoil, which made a similar statement earlier this month. Saudi Aramco is highly profitable and controls vast swaths of lucrative resources, but only a portion of those assets will be up for sale. The country’s oil reserves are unlikely to be included in the IPO. Instead, the IPO will probably be for a subsidiary, which includes downstream assets of Saudi Aramco.

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