Riyadh – Mubasher: Saudi Arabian Oil Co, known internationally as Saudi Aramco hired Citi to lead a $2 billion finance transaction that will be backed by Britain, Reuters on Monday reported, citing informed sources as saying.
Citi as an investment bank and located in the US.
“The loan mandate will not be particularly lucrative, but is seen by some banks as a way of getting closer to securing work on Aramco’s planned initial public [offering] (IPO), which may value the company at $2 trillion,” the agency added.
The loan was announced in November and it was guaranteed by the UK Export Finance (UKEF) and the British export credit agency.
Earlier in 2017, the largest international oil firm appointed JPMorgan Chase & Co, Morgan Stanley, and HSBC as advisor for its IPO.
The hired independent advisors were Evercore and Moelis.
In April 2016, the Saudi Crown Prince Mohammed bin Salman that the Kingdom will offer a stake less than 5% of Aramco for selling in 2017 or 2018.
