Saudi Aramco has created a subsidiary for its multibillion-dollar pension fund and could also spin off its aviation division, Reuters reported, citing unidentified sources.

 

The changes could be part of the national oil firm’s attempt to restructure some assets not related to oil and gas, ahead of its planned initial public offering (IPO), it added.

 

The move is designed to streamline Aramco’s operations and could make it easier to value since its business risk would be clearer and that may help it achieve a higher price for its shares, financial and industry sources told Reuters.

 

“This makes Aramco a leaner company,” said one source familiar with Aramco’s plans.

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