Saudi Aramco takes on a USD 7 Billion Malaysian refinery complication en route its historic IPO?
by Ganesh Sahathevan The Saudi Aramco IPO is said to be well and truly underway. Even if a prospectus has yet to be issued, underwriters are reported to have already committed to the deal. Reuters has reported: Oil giant Saudi Aramco [IPO-ARMO.SE] has asked JPMorgan Chase & Co and Morgan Stanley to assist with its mammoth initial public share offer and could call on another bank with access to Chinese investors, a source with direct knowledge of the matter said. The U.S. banks have joined boutique investment bank Moelis & Co in winning coveted roles in what is expected to be the world's biggest IPO, worth some $100 billion. Given this advanced stage,it is hard to understand why Aramco has added this last minute complication : Malaysia's Prime Minister Najib Razak announced on Monday (Feb 27) that Saudi Arabia's state oil company will invest US$7 billion in an oil refinery to be set up by Malaysian oil company Petroliam Nasional (Petronas).Mr Najib said the decision ...