Saudi Aramco Base Oil Co., a unit of the state-owned oil producer, has received regulatory approval for an initial public offering in Riyadh, as the world’s biggest crude producer looks to list some of its subsidiaries.
https://www.bloomberg.com/news/articles/2022-11-24/saudi-aramco-base-oil-gets-approval-for-riyadh-share-offering
The only thing I can't figure out is why Aramco Chemicals hasn't been folded into SABIC. Maybe SABIC refused to accept the assets. Some of those assets really are basket cases. However, this presupposes that Riyadh would actually give SABIC a choice, and that isn't how it usually works.
The beginning of a wider break up, someone will be making a lot of coin out of this.
Aramco Trading will be next.
Then they’ll split the other DS business lines.
Eventually Aramco core will just be in the exploration business, considerably smaller and less politically powerful in KSA. Just as Riyadh wants.