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Saudi Arabian Oil Co. has shortlisted four companies as it seeks to create a new entity to manage non-oil projects assigned by the government, according to three people familiar with the matter. Aramco, as the oil giant is known, has listed Canada’s SNC-Lavalin Group Inc., Pasadena’s Jacobs Engineering Group, Atkins Faithful & Gould and Dar Al-Handasah Consultants Ltd., two of the people said, asking not to be identified because the information is private. The government plans to transform Aramco from an oil and gas company into an industrial conglomerate as part of efforts to prepare the kingdom’s economy for the post-oil era, Deputy Crown Prince Mohammed bin Salman told Bloomberg in March. The plan also includes selling a stake in the company and transforming its ownership to the kingdom’s sovereign wealth fund.
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Saudi Arabian Oil Co. has shortlisted four companies as it seeks to create a new entity to manage non-oil projects assigned by the government, according to three people familiar with the matter. Aramco, as the oil giant is known, has listed Canada’s SNC-Lavalin Group Inc., Pasadena’s Jacobs Engineering Group, Atkins Faithful & Gould and Dar Al-Handasah Consultants Ltd., two of the people said, asking not to be identified because the information is private. The government plans to transform Aramco from an oil and gas company into an industrial conglomerate as part of efforts to prepare the kingdom’s economy for the post-oil era, Deputy Crown Prince Mohammed bin Salman told Bloomberg in March. The plan also includes selling a stake in the company and transforming its ownership to the kingdom’s sovereign wealth fund.
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