A worker looks at journalists during a media tour of the Khurais oilfield, about 160 km (99 miles) from Riyadh, June 23, 2008. REUTERS/Ali Jarekji
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Saudi Arabian Oil Co., gearing up for what may be the world's biggest initial public offering, is considering discounted shares for local investors, according to people with knowledge of the matter.Saudi Arabia plans to sell shares in the company as part of plans by Deputy Crown Prince Mohammad bin Salman to set up the world's biggest sovereign wealth fund and reduce the economy's reliance on hydrocarbons.Saudi companies raised $273 million dollars through share sales last year, the lowest since 2013, according to data compiled by Bloomberg.International and local banks have been pitching to advise Aramco on the planned share offering, with the company expected to appoint additional banks to work on the IPO over the next few weeks, the people said.
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