Saudi Aramco considers selling $50 billion in shares - WSJ

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Illustration shows Saudi Aramco logo and stock graph

Saudi Aramco logo and stock graph are seen through a magnifier displayed in this illustration taken September 4, 2022. REUTERS/Dado Ruvic/Illustration/File photo Acquire Licensing Rights

Sept 1 (Reuters) - Saudi Aramco (2222.SE) is considering selling a stake worth as much as $50 billion, the Wall Street Journal reported on Friday.

Saudi Arabia had planned to sell Aramco shares worth up to $50 billion last year as well but did not proceed with it after deciding that market conditions were not favourable, according to the Journal.

The Kingdom has decided to host any new Aramco offering on the Riyadh exchange to avoid legal risks associated with an international listing, the report said, citing Saudi officials and other people familiar with the plan.

Saudi Aramco did not immediately respond to a Reuters' request for comment.

The sale could happen before the end of the year, the report said, adding that Aramco has been reaching out to potential investors, such as other multinational oil companies and sovereign-wealth funds, about participating in the deal.

Reporting by Urvi Dugar in Bengaluru, Editing by Louise Heavens

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