IOC has been looking at west coast for refinery as it found tough to cater to requirements in West
A royal decree on Monday, retroactive to January 1, set a tax rate of 50% for the firm
REUTERS - Oil giant Saudi Aramco has asked JPMorgan Chase & Co and Morgan Stanley to assist with its mammoth initial public share offer and could call on another bank with access to Chinese investors, a source with direct knowledge of the matter said.
IPO is the centrepiece of a Saudi govt's plan to transform the economy by attracting foreign investment
Aramco aims to sell some of its shares in 2018 which could be world's biggest IPO
Saudi Arabia has never before had a dual listing involving a company listed on its bourse, which is known as the Tadawul
Saudi Aramco will announce "very soon" a list of investment banks and consultants advising it on the initial public offering
The project is expected to lessen dependence on oil for power generation
State-owned Saudi Arabian Oil Co increased its official selling price for Arab light crude oil by 35 cents a barrel to 60 cents
The state-owned oil giant is also seeking to expand globally via joint ventures in Asia and North America
Aramco produces more than 10 million barrels per day, three times as much as the world's largest listed oil company, ExxonMobil , while its reserves are more than 10 times bigger
The split comes as Shell eyes $30 bn in asset sales and Aramco explores plans for an IPO