Fiji Time: 1:33 PM on Friday 23 March

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Planned investment

Friday, April 21, 2017

CHINA is creating a consortium, including state-owned oil giants and banks and its sovereign wealth fund, that will act as a cornerstone investor in the initial public offering of Saudi Aramco, people with knowledge of the discussions told Reuters.

Saudi Aramco, a key exporter to China along with Russia's Rosneft, is due to list next year, with a potential $US100 billion ($F200b) equity sale that is expected to be the world's largest so far.

The planned Chinese investment makes it more likely that the national energy giant would seek a listing in Asia, with Hong Kong currently the frontrunner among bourses in the region, the same people said.

Reuters reported earlier this month that Saudi Aramco's board would meet in Shanghai in May, its first meeting in China in seven years, as Chinese and Asian investors eye the share offering from the world's biggest oil exporter.

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