Saudi Arabian Oil Company (SASE:2222) is considering an initial public offering of its trading arm amid a boom in oil prices in what could be one of the world's biggest listings in the year 2022, according to people with knowledge of the matter. The state-controlled oil major is working with banks including The Goldman Sachs Group Inc. (NYSE:GS), JPMorgan Chase & Co. (NYSE:JPM), and Morgan Stanley (NYSE:MS) as it studies a potential listing of Aramco Trading Co., the people said, asking not to be identified as the information isn't public.

The trading unit could fetch a valuation of tens of billions of dollars, the people said, with two of them saying it could be potentially worth more than $30 billion. Aramco, could sell a 30% stake in the division, two of the people said, which would make it one of the world's biggest IPOs in the year 2022.