An oil tank is seen at the Saudi Aramco headquarters during a media tour at Damam city November 11, 2007. REUTERS/ Ali Jarekji
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Saudi Arabian Oil Co. hired Moelis & Co. to advise on its initial public offering, according to people familiar with the matter, as it pushes ahead with plans to pursue the world's biggest share sale.Aramco, as the company is known, was seeking a bank to help it select underwriters for the sale, make decisions on potential listing venues and ensure the IPO goes smoothly, the people said at the time.While the bank has advised on other large deals in the Middle East, such as the $25 billion debt restructuring of Dubai World LLC, this listing is its biggest ever role.The Aramco IPO, which is predicted to raise about $100 billion, would also push Moelis up in global investment bank rankings.
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