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DUBAI Reuters - Saudi Aramco's board will meet in China in May for the first time in seven years, industry sources said, as the state-owned energy firm seeks to lure Chinese and Asian investors to its giant share offering. The board of directors would gather in Shanghai on May 10 to discuss the firm's business plans, investments and preparations to sell up to 5 percent of Aramco in , the sources said.
An annual report of the company's activities for the previous year is usually issued after the board meeting. The board, which gathers twice a year, often meets abroad but only once before had a meeting in China, in Aramco has appointed international banks with access to Chinese investors to advise on the initial public offering IPO. A second source said talks were at an early stage and any Chinese investment in Aramco would likely be in coordination with the Beijing government.
Aramco is likely to be listed on the Saudi stock exchange in Riyadh and on one or more international markets. Chinese participation in the IPO could strengthen Riyadh's hand in other Chinese investment decisions, the sources said. Aramco has been in talks for years to invest in refineries in China so it can sell more of its crude to China.
Those plans have yet to progress. The board, which often tours Aramco's investments where they meet, also comes before the Organization of the Petroleum Exporting Countries gathers in Vienna on May 25 to decide on output policy. Read full article. Mon, 10 Apr , pm.