China Petroleum & Chemical Corp fka SNPTY

[eFinanceMarkets]

Reuters: China creating state-led consortium for Saudi Aramco IPO

China is creating a consortium, including state-owned oil firms Sinopec (SNP -1.2%) and PetroChina (PTR -0.7%) as well as the country's $800B sovereign wealth fund, that will act as a cornerstone investor in Saudi Aramco's expected IPO next year, Reuters reports.

The planned Chinese investment would make it more likely that Aramco would seek a listing in Asia, with Hong Kong currently the front-runner among bourses in the region, according to the report.

Saudi authorities plan to list up to 5% of Aramco on the Saudi stock exchange in Riyadh and one or more international markets.