Saudi Aramco said to seek adviser for gas assets acquisition

State-owned Saudi Arabian Oil Co. (Saudi Aramco) is looking to hire a bank to advise on plans to buy natural gas assets, Bloomberg reported, citing unnamed people familiar with the matter.

Late last year, Aramco invited international banks to pitch for the advisory role to help identify acquisition targets, the people said.

Saudi Arabia’s energy minister Khalid Al-Falih, who also Aramco’s chairman, had said in December that the oil firm was looking for natural gas assets anywhere from the US to East Africa and Russia to meet rising domestic demand.

Additionally, Aramco is also said to be seeking to invite banks to pitch for a role as coordinators and bookrunners for its planned initial public offering later this year. The company plans to appoint a group of banks for the deal early this year, the people said.

Saudi Arabia plans to list up to 5 percent of the world’s largest oil producer on its domestic stock exchange (Tadawul), in addition to one or more international venues in a listing that could raise $100 billion.