Saudi Aramco is mulling over acquiring a unit of Valvoline Inc., as part of the oil giant’s plan to expand globally, Bloomberg reported on May 25th, citing sources familiar with the matter.

The state-owned oil and gas company is seeking to purchase the global automotive products and lubricants business of Valvoline, the sources highlighted.

Negotiations between the two companies are still ongoing, they added, indicating uncertainty that they could reach an agreement.

Last week, Aramco announced it is considering an initial public offering (IPO) of its arm Aramco Trading Co, which could potentially raise over $30 billion and become the world’s largest IPO in 2022.

Aramco recently reported its net income has jumped by 82% year-on-year (YoY) to $39.5 billion in the first quarter (Q1) of 2022 from $21.7 billion in Q1 2021.

Founded in 1933, Saudi Aramco is the largest company in the world in terms of market cap.

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