RIYADH: Saudi oil giant Aramco is considering selling a stake in its retail fuels and lubricants business, and could list shares on the Riyadh Stock Exchange, Bloomberg reported, citing people with the knowledge of the situation.

Talks about an initial public offering (IPO) are at an early stage, the people said, asking not to be identified, discussing confidential matters. Aramco may opt against any sale, they said.

Five North American companies are bidding for a deal to sell a share of Saudi Aramco’s gas pipelines, Bloomberg reported this week.