French supermajor Total may consider taking a stake in the planned listing of part of Saudi Arabia’s Aramco, the company’s chief executive has said.
However, Total chief executive Patrick Pouyanne told an oil summit in Paris that such a consideration was premature as the market was still awaiting details on how the initial public offering (IPO) would be done.
But he added it could be a meaningful partnership for Total in Saudi Arabia.
Pouyanne said: “We may consider it.”
He then added that any final decision was “a matter of profitability and best allocation of capital.”
He said: “It is not clear today how they want to do the IPO.
“I’m sure that it would be a good investment…because Saudi Aramco has a real business case.”
The Saudi government plans to list up to 5 percent of Aramco on the Saudi stock exchange in Riyadh, the Tadawul, and on one or more international markets in the second quarter of 2018.
Analysts think this could raise $100 billion (78.03 billion pounds), based on Aramco being valued at $2 trillion.
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