Riyadh – Mubasher: China is working on creating a consortium, including state-owned oil giants, banks, and its sovereign wealth fund, to act as a main investor in the initial public offering (IPO) of Saudi Aramco, Reuters reported.

Saudi Aramco is scheduled to be listed next year through selling a stake worth $100 billion, which is expected to be the world's largest to date.

Sources told Reuters that the planned Chinese investment makes the national power firm more likely to seek listing in Asia, with Hong Kong currently topping bourses in the region.

Earlier this month, Reuter had reported that Saudi Aramco’s board would meet in Shanghai in May, which will be its first meeting in China in seven years, while Chinese and Asian investors are looking forward to the offering of the world's biggest oil exporter.

Six sources with knowledge told the news agency that China Investment Corporation (CIC), China’s sovereign wealth fund worth $800 billion, oil majors Sinopec and PetroChina, and the state-run banks were among state-backed entities set to participate in the Chinese investment consortium.