Sinopec says Saudi Aramco invited it to be investor

Hong Kong

China Petroleum & Chemical Corp. said it was invited to invest in Saudi Arabian Oil Co. as part of what could be the world’s biggest-ever initial public offering. Talks are ongoing between the companies known as Sinopec and Saudi Aramco, Wang Yupu, chairman of the Chinese refiner, said on Monday. During a visit to China this month, Aramco’s chief executive officer Amin Nasser told officials he hoped the company could invest in the listing, Wang said. Saudi Arabia is preparing for the flotation by deepening relationships with its biggest buyers and locking in future demand for its oil. A Saudi Aramco spokesman declined to comment.