Aramco employees walk towards an Aramco private flight at Aramco private airport in Dammam, Saudi Arabia May 22, 2018. REUTERS/Ahmed Jadallah
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Saudi Aramco has created a subsidiary to house its multibillion-dollar pension fund and could spin off its aviation division, sources said, as it restructures some assets not related to oil and gas ahead of its planned initial public offering.Analysts have valued Aramco at $1 trillion to $1.5 trillion.Aramco created a new subsidiary for its in-house multibillion-dollar retirement fund management unit about six months ago, sources familiar with the matter said.Besides the pension fund, two sources said Aramco could spin off some non-oil units such as its aviation division, by either forming a joint venture to manage it or bringing in an outside company to operate the fleet.Another joint venture that falls outside the traditional scope of an oil company is Aramco's Johns Hopkins Aramco Healthcare Company JV created in 2013 with the U.S. hospital to provide medical care for Aramco employees and their families.
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