China is creating a consortium, including state-owned oil giants and banks and its sovereign wealth fund, that will act as a cornerstone investor in the initial public offering of Saudi Aramco, people with knowledge of the discussions told Reuters. Saudi Aramco, a key exporter to China along with Russia’s Rosneft, is due to list next year, with a potential $100 billion equity sale that is expected to be the world’s largest to date. The planned Chinese investment makes it more likely that the national energy giant would seek a listing in Asia. Half a dozen sources with knowledge of the discussions said China Investment Corporation (CIC), the country’s $800 billion sovereign wealth fund, oil majors Sinopec and PetroChina, and the country’s state-run banks were among the state-backed entities set to participate in the Chinese investment consortium.
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