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Malaysian state energy company Petronas said on Friday it will not participate in Saudi Aramco's initial public offering, expected to be the world's biggest share sale.
Aramco plans to sell 1.5 per cent of the company at an indicative price range of 30 riyals to 32 riyals, valuing the IPO at as much as 96 billion riyals ($25.60 billion) and giving the company a potential market value of between $1.6 trillion and $1.7 trillion.
Earlier this month, Petronas had said it was approached by Aramco to participate in the Saudi oil giant's listing.
“Petronas would like to confirm that after due consideration, the company has decided not to participate in Saudi Aramco's initial public offering exercise,” Petronas said in an e-mailed statement.
Petronas and Aramco have a joint venture in a $27-billion refinery and petrochemicals complex in southern Malaysia that is set to start commercial operations this year.
($1 = 3.7501 riyals)
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