Saudi Arabia Poised for New Aramco Share Sale

SAUDI ARAMCO - DUBAI/LONDON - Saudi Arabia is poised to sell more shares of energy giant Aramco, three people familiar with the matter said, which could boost to the country's funding and its aim to wean the economy away from oil.

The government has lined up Citigroup, Goldman Sachs and HSBC for the sale, one of the people said, which could take place in the second or third quarter of this year, a second person said. The share sale could raise about $20 billion, according to Bloomberg, which first reported the news.

The preparations are ongoing and the details could change, the people said. The government's communication office did not have an immediate comment. Aramco declined to comment.