Petrochemical giant Saudi Aramco is considering spinning off its Saudi Aramco Aviation (Dammam) unit as part of preparations for its much-anticipated USD2 trillion IPO.
Sources who spoke to Reuters said the move would be part of a restructuring of its overall assets aimed at streamlining its core unit's operations as well as clarifying its operations for valuation purposes.
The firm declined to comment on the report.
Saudi Aramco Aviation operates six B737-800s and one B767-200(ER) among various other fixed- and rotary-winged aircraft. Collectively, they are used to ferry personnel to the firm's various petroleum extraction and refining plants across Saudi Arabia as well as to ferry VIPs across the world.
