Saudi, Total to sell 25% JV stake via IPO

Saudi Aramco and France's Total plan to sell a 25 per cent stake in a joint venture refinery through an initial public offer in two to three years, the venture's chief said yesterday.

The plant is part of a drive by the world's top oil exporter to boost refining capacity by more than 1.7 million barrels per day (bpd) from 2.1 million bpd now. The kingdom is focusing on boosting refining, petrochemical and gas unit after completion of a massive crude capacity expansion programme last year.