China’s state-owned entities are in talks about investing $5 billion to $10 billion in Saudi oil giant Aramco’s planned initial public offering, Bloomberg reported on Wednesday, citing people familiar with the matter.
Beijing-based Silk Road Fund, state-owned oil producer Sinopec Corp and sovereign wealth fund China Investment Corp are among parties that have been in discussions to buy stock in the offering, according to the report.
Commitments have not been locked down, and the lineup of investors and the size of the investments will ultimately depend on the Chinese government, the report added.
Aramco kicked off its IPO on Sunday, announcing its intention to float on its domestic bourse in what could be the world’s biggest listing as the kingdom seeks to diversify its economy away from oil.
Aramco, Silk Road Fund, Sinopec, China Investment Corp did not immediately respond to requests for comment.