A worker leaves Aramco's Natural Gas Liquids plant in Saudi Arabia's remote Empty Quarter near the United Arab Emirates, on May 10, 2016.AFP / IAN TIMBERLAKE
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Saudi Arabian Oil Co. picked four banks to advise on its first bond sale, two people familiar with the matter said, ahead of plans for the world's largest initial public offering.Saudi Aramco, as the company is known, selected HSBC Holdings PLC's local unit and Riyad Capital to help with the sale of riyal-denominated Islamic bonds, or sukuk, before the end of June, said the people, asking not to be identified as the information is private.Aramco and HSBC Saudi Arabia declined to comment, while Riyad Capital, NCB Capital and Alinma Investment didn't respond to requests for comment.Aramco asked banks including Goldman Sachs Group Inc. and HSBC to pitch for an advisory role on the IPO last month, people said at the time.
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