MIDDLE East energy giants are set for a rush of initial public offerings this year as oil prices trading at seven-year highs inch closer to the $100 per barrel mark. As some oil companies approach record valuations -Saudi Aramco is valued at almost $2 trillion - the high oil price scenario presents an opportunity for the national oil companies to press ahead with their stake sale plans. Aramco is reportedly looking at selling a stake of up to 2.5%, worth almost $50 billion, through a secondary listing on domestic and international exchanges, while Abu Dhabi National Oil Company (Adnoc) in September raised $1.1 billion by selling stakes in its drilling subsidiary.
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