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29-Jan-2017

Saudi Aramco said to select U.S. firms to audit its reserves for IPO

Saudi Aramco has reportedly tasked two U.S. industry leaders in oil reserves auditing to review the content of its deposits as it pushes ahead with a share listing next year; Gaffney, Cline and Associates, and DeGolyer and MacNaughton. Another industry source said that Aramco is in talks with a company to audit its reserves and another one to audit its finances. Last year, Prince Mohammed said he expected the IPO would value Aramco at a minimum of USD2tr. Sources reported that up to 5% of the stake size is begin considered for the offer, and that could be raised depending on oil prices and market reaction to the listing. (Reuters)

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