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Saudi Aramco Base Oil Company (Luberef), the refining unit of oil major Saudi Aramco, said it plans to proceed with an initial public offering, as the world’s biggest crude producer seeks to list some of its subsidiaries. Luberef will sell 50 million shares, or 29.7 per cent of the company's issued share capital, through the IPO on the main market of Saudi Arabia's Tadawul stock exchange, the company said in a statement on Sunday. The company is selling existing shares owned by Jadwa Industrial Investment Company. "Luberef’s IPO supports its growth ambitions and is expected to strengthen its already competitive business and unlock new opportunities for its stakeholders," said Tareq Alnuaim, president and chief executive of Luberef.
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